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Colorado Tax Credits
As an EV purchaser, you are eligible for up to $7,500 in Federal and $6,000 in Colorado tax credits. Colorado allows an income tax credit to taxpayers who have purchased an alternative fuel vehicle, converted a motor vehicle to use an alternative fuel, or have replaced a vehicle's power source with an alternative fuel power source.
Chevy Volt Available Tax Credits: $13,500
Nissan Leaf Available Tax Credits: $12,315
Here is a simple guide that will help you decide which vehicle to purchase based on their differing tax incentives if you are in the market for an electric ride, and it will also show you the steps you need to take in order to secure your full tax credit from the State and Federal Government if you have already purchased one.
STATE OF COLORADO
1. For the Colorado alternative fuel credit, refer to one of these two forms to understand how the state calculates your tax credit and to see how much your vehicle qualifies for:
-If vehicle was purchased prior to January 1, 2012 see alternative fuel credit:
Alternative Fuel Vehicle Credit
-If vehicle was purchased after January 1, 2012 see innovative motor vehicle credit:
Innovative Motor Vehicle Credit
Important reminders:
-If you are searching for an electric vehicle, only refer to Category 1 vehicles.
-Be sure to look for your vehicle at the bottom in the FYI for a calculated credit value.
-If you are unfamiliar with a term, the Innovative Motor Vehicle Credit sheet has a terminology section.
-If you have converted a vehicle from hybrid to plug-in, you can receive a tax credit for the original purchase and the conversion.
2. Visit the State of Colorado website and fill out the alternative fuel credit section of the Individual Credit Schedule:
Individual Credit Schedule Form
FEDERAL
In order to receive your federal alternative vehicle tax credit, identify how much your vehicle qualifies for (Federal Tax Credit Values) and fill out the 8910 form for the IRS:
