What are the mechanics of getting the CO $5K tax credit? Go to dealership and they take $5K off? Do you need to be a CO resident? How long do you have to own the car? etc.
Below is an email a friend of mine wrote to his salesperson. "The basic info- starting January 1, the state tax credit is now a flat $5,000 for purchasing an EV, or Plug In Hybrid and a flat $2,500 for a lease. This is fully refundable, meaning that it does not matter how much tax a buyer owes- as long as they are a Colorado taxpayer they get the full credit. If they purchase the vehicle in 2017, they would receive the credit when they file their taxes in spring 2018. The law also changed on Jan 1 to make the credits assignable to a financing entity-meaning that they may sign the credit over to the financing entity and get it as an upfront reduction in the amount to be financed. The financing entity may charge an administrative fee of up to $150 for this, and then gets to claim the credit against their tax liability. So far, Nissan's financing arm has announced that they are going to do this, I believe starting march 1, to finance Leaf sales. We have heard that GM (for the Volt and Bolt) and BMW (for the i3s) are also considering rolling this out. It would be awesome if Toyota did this for the Prius Primes.'s financing arm did this for the Prime. This could really help spur sales! The link to the legislation is: http://www.leg.state.co.us/clics/clics2016a/csl.nsf/fsbillcont/D29A1044569D6D5987257F2400642E3F?Open&file=1332_rer.pdf A blog post I wrote on it is: http://www.swenergy.org/colorado-hits-the-accelerator-for-electric-vehicles To talk to folks in the state government about details on how to participate: Maria Eisemann in the Colorado Energy Office: [email protected] Ken Schade, department of revenue - I think his number is (303) 866-5573 Eric Myers, Department of revenue - Eric.Myers@state.co.us" Pretty much same as the federal tax credit.
We are interested in purchasing brand new 2018 Prius Prime (Plus/Premium), as CO resident, based on what I found from various websites (Toyota, Federal, states & this site), Federal = $4500 tax credit (tax returns has paid at least $4500+) State = $5000 tax credit (no restrictions) Would anyone confirm my findings? Do we have to purchase the Prius Prime by 2018. Will it extend it to 2019 in case the manufacture can't ship it on time? ------------------------ References (Sorry can't post url as this website did not allow me): toyota>> priusprime>> calculator colorado>>> Income69.pdf Federal >>> electric-vehicles-tax-credits-and-other-incentives
