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February 12, 2024
Question

I need help with an item on state taxes.

  • February 12, 2024
  • 1 reply
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Colorado innovative vehicle

1 reply

February 12, 2024

You don't pose a question, but here's some information that might be helpful.

 

According to the Colorado Department of Revenue's Income Tax Topics: Innovative Motor Vehicle Credit fact sheet:

A credit is allowed for the purchase or lease of an electric or plug-in hybrid electric motor vehicle that meets all of the following requirements: 

  • A qualifying motor vehicle must have four wheels; 
  • It must have a maximum speed of at least 55 mph; 
  • It must have a gross vehicle weight rating (GVWR) of 8,500 pounds or less; 
  • It must be propelled to a significant extent by an electric motor; 
  • Its battery must be capable of being recharged from an external power source; 
  • Its battery must have a capacity of at least 4 kWh; 
  • It must be new at the time of purchase or lease; and 
  • It must be titled and registered in Colorado.

To enter your innovative motor vehicle credit information in TurboTax Online: 

  1. Open TurboTax Online
  2. Select  Tax Home in the left pane
  3. On the  Hi, let's keep working on your taxes! screen, select the dropdown on the right side of the State Taxes box, then select StartContinue, or Pick up where you left off
  4. Proceed through the state screens until you come to the Take a look at Colorado credits and taxes screen
  5. Select  Start to the right of Innovative Motor Vehicle Credit
  6. Enter all relevant information

If you have other questions, feel free to post back.