The Colorado legislature has passed a bill creating a $5000 tax credit for buyers who purchase an electric vehicle. The measure, which the governor is expected to sign, gives the state what one environmental group calls a “best-in-nation” tax incentive for EVs starting next year.
Colorado’s $5000 credit applies to all EV purchasers—but not to plug-in hybrids—while lessees get a $2500 credit. It represents a simplification of the state’s previous incentive program (which used a formula to determine the amount), and is available for new vehicles only. Like all state tax credits, it comes on top of the federal $7500 credit. It’s expected to jump-start sales of EVs in the Centennial State when it takes effect on January 1, 2017.
Colorado’s move comes at a time when other states are throttling back their EV incentives. Georgia’s tax credit of up to $5000 was rescinded last year, Illinois dropped its up to $4000 rebate in 2014, and California has added income limits to its state tax rebate.
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