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Status of Colorado Tax Incentive

Does anyone know the true status of the 2013 Colorado Tax incentive?

Yep. $6,000

Here is an excerpt I copied from The link below:
"The State of Colorado has now split out a new FYI page for the revised 2012-2016 Innovative Motor Vehicle Credit that gives up to a $6,000 dollar refundable tax incentive for EV's.  (It also gives tax incentives for all kinds of other green cars too.)"

http://brammoforum.com/index.php?topic=1125.0

That's great news counting that it would be continued for awhile. That and the federal creditwill really help. I'm actually going to stop taking withdrawalsfrom my paychecks now so that I'll get the money up front.

Yeah Buddy... Thanks for info!!!

I just got a new update. If im reading this link right. In Colorado Tesla owners would get a $7500.00 credit in 2013. They changed the name of the law to

"Income 67
Innovative Motor Vehicle and Alternative Fuel Vehicle Credits"

It Reads:
"For tax years commencing on or after January 1, 2012, but prior to January 1, 2016, the maximum credit
allowable for a plug-in hybrid electric conversion is $7,500."

Check out document here.

http://www.scribd.com/doc/121280637/Innovative-Motor-Vehicle-and-Alterna...

@Tesla303-
Thanks for the article link-- in my read it still looks like we max out at $6000.00. Which I am not complaining about :o)

I'm not sure it matters, since the CO credit only applies if you don't take the Federal credit. The Federal credit is $7,500 - it's the one I would go for. If there's a way to get another $6,000 top-up, from the CO Dept. of Revenue -- I would love to hear it.

@lightm
I am not seeing that if you claim the Federal Credit you cannot take the CO credit. I see the cost of the car for the CO calculation must be reduced by the amount of any Federal Credit, and you can only claim one of the CO credits, but am not seeing it is one or the other. I am not an accountant, and hope someone else here can shed light on this issue.

I'm counting on both. My accountants say both apply.

@KevinR - mine, too. So two make it right!

I like your logic :o)

It's both a total of $ 13,500 in Colorado. I got both on our Prius when we bought it. The Fed credit is for everyone some states have ( CO ) incentive credit and some don't . We re all good in Colorado.

Well 6 months after we filed our CO tax return we learned just yesterday they accepted our return, and received our refund. So we got the $6k EV credit thingy.

@velo1
That's great, lets celebrate, you buy!
Milo

Milo - where, when? At Park Meadows? Cheers!

I just got a letter requiring me to provide more documentation...you must be living right :o)

Velo1 -- 6 months! Better late than never. Any idea why it took so long?

KevinR -- What sort of documentation? Was the federal tax credit handled faster?

@LionPowered - no, I asked my accountant and she tried to reach someone in the State tax office, but never could get a person on the phone. My wife and I repeatedly tried to check our return status online, but kept getting a message our return has been received but not processed - no other explanation. It is like our return was in a black hole, very frustrating and disconcerting. I kept thinking I would get one of those letters asking for more documentation, but then suddenly we noticed the refund had been issued and deposited in our bank.

@LionPowered-- The State required a copy of my vehicle registration in addition to resubmission of some other documents. My accountant said it would be resolved quickly.

I'm assuming the Federal Tax credit was handled faster at this point. It is getting pretty routine to get additional document requests and questions 6-18 months after taxes have been filed. This never changes the tax credits or return but requires time to re-submit.

@velo1
actually I don't work there anymore, they plan to take the sales staff to full time and that isn't my idea of semi-retirement.
bcimae

Milo - enjoy life, I'm looking at semi-retirement soon, but need to get one last daughter through college and off ou're family payroll.

@bcimae
I think that's a loss for them Milo.


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