About form 1040 u s.
Electric car tax credit 2018 colorado.
Individual income tax return.
Size and battery capacity are the primary influencing factors.
Also use form 8936 to figure your credit for certain qualified two or three wheeled plug in electric vehicles.
The credit ranges between 2 500 and 7 500 depending on the capacity of the battery.
State and or local incentives may also apply.
Chevy bolt tesla model 3 kia niro ev nissan leaf hyundai kona ev audi e tron rivian r1t porsche taycan and jaguar i pace.
In addition to the colorado specific incentives offered by the state there are a number of 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.
You might qualify for tax credits offered by the irs if you purchase.
Find out if you re eligible for a plug in electric drive vehicle credit under internal revenue code section 30d a or 30d g.
The credit begins to phase out for a manufacturer when that manufacturer sells 200 000 qualified vehicles.
Examples of electric vehicles include.
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.
Table of contents hide.
Tax credits are available in colorado for the purchase or lease of electric vehicles and plug in hybrid electric vehicles.
The credit amount will vary based on the capacity of the battery used to power the vehicle.
Federal tax credits for fuel efficient vehicle owners.
Federal tax credit up to 7 500.
Electric cars are entitled to a tax credit if they qualify.
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.
At least 50 of the qualified vehicle s miles must be driven in the state and the credit expires at the end of 2020.
The value of the irs tax credit ranges from 2 500 to 7 500 depending on the electric vehicle in question.
