Question

Is the Colorado EV Tax Incentive a credit or rebate?

Forum|Forum|6 years ago
June 7, 2019
1 reply
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Regarding Income 69: Innovative Motor Vehicle and Innovative Truck Credits for Tax Years 2017-2021 https://www.colorado.gov/pacific/sites/default/files/Income69.pdf

Does the Colorado EV tax credit work the same as the federal EV tax credit? If I will owe less than $5000 in state taxes, does that mean my Colorado EV credit will be less than $5000 or will I still receive the full $5000?

T

TomD8

Employee

The Colorado Innovative Motor Vehicle Credit is entered on line 22 of your Colorado Form 104, and is subtracted from line 15, your net Colorado income tax. If your total subtractions (lines 16-23) exceed your net CO income tax, you will be refunded. Therefore you will receive the benefit of the full $5000.

**Answers are correct to the best of my ability but do not constitute tax or legal advice.