Electric Car Tax Credit 2018 Colorado

In addition to the colorado specific incentives offered by the state there are a number of federal tax credits for fuel efficient vehicle owners. The value of the irs tax credit ranges from 2 500 to 7 500 depending on the electric vehicle in question. At least 50 of the qualified vehicle s miles must be driven in the state and the credit expires at the end of 2020.

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Electric car tax credit 2018 colorado. All electric and plug in hybrid cars purchased new in or after 2010 may be eligible for a federal income tax credit of up to 7 500. Individual income tax return. State and or local incentives may also apply. The credit ranges between 2 500 and 7 500 depending on the capacity of the battery.

Also use form 8936 to figure your credit for certain qualified two or three wheeled plug in electric vehicles. Federal tax credits for fuel efficient vehicle owners. Use form 8936 to figure your credit for qualified plug in electric drive motor vehicles you placed in service during your tax year. The credit amount will vary based on the capacity of the battery used to power the vehicle.

Tax credits are available in colorado for the purchase or lease of electric vehicles and plug in hybrid electric vehicles. Tax credits for heavy duty electric vehicles with 25 000 in credit available in 2017 20 000 in 2018 18 000 in 2019 and 15 000 in 2020. Size and battery capacity are the primary influencing factors. Examples of electric vehicles include.

Find out if you re eligible for a plug in electric drive vehicle credit under internal revenue code section 30d a or 30d g. Chevy bolt tesla model 3 kia niro ev nissan leaf hyundai kona ev audi e tron rivian r1t porsche taycan and jaguar i pace. Electric cars are entitled to a tax credit if they qualify. You might qualify for tax credits offered by the irs if you purchase.

A bill that would extend colorado s tax credits for electric vehicles through 2025 is intended to help accelerate the goal of increasing the number of zero emission vehicles on the state s roads. About form 1040 u s. The amount of the credit. In looking at 400 state and local incentives intended to encourage the adoption of plug in electric vehicles since 2008 the 2018 nrel study found that for every 1 000 of tax credits battery electric vehicle sales improved 5 3 while similar rebates increased sales by 7 7.

Federal tax credit up to 7 500. The federal electric vehicle tax credit program provides a tax credit as high as 7 500 depending on the vehicle you choose and your individual tax circumstances. The credit begins to phase out for a manufacturer when that manufacturer sells 200 000 qualified vehicles.