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Colorado Alt Fuel Tax Incentive – HB13-1247

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Colorado Innovative Alternative Fuel Income Tax Credit HB13-1247

Official Website

 

Administrative Entity:

Colorado Department of Revenue 
Open To:

Public and Private fleets
Total Incentives Available:
  • $5,200,000 total available in 2013.
     
Deadline:
  • Tax credit available through 2021.
     
How to Apply:
  • Apply through the Colorado Department of Revenue.
     
Incentive Details:
  • House Bill 13-1247 is an extension of current law that offered tax credits for alt fuel vehicles through 2015. HB13-1247 extends the tax credit for tax years 2016-2021.
  • The bill also clarifies the definition of electric vehicle to allow the credit for plug-in hybrid electric vehicles, such as the Chevrolet Volt and Toyota Prius plug-in.
  • The bill also alters the way the credit is calculated for:
    • The purchase and lease of electric, plug-in hybrid electric, compressed natural gas, and liquefied petroleum gas vehicles.
    • The conversion of vehicles to electric and natural gas power sources.
  • HB13-1247 includes both compressed natural gas and liquefied petroleum gas vehicles in the tax credit.
  • Passenger vehicles and light and medium duty trucks originally manufactured to use compressed natural gas (CNG) or liquefied petroleum gas (LPG) or that are certified by the U.S. Environmental Protection Agency of passenger vehicles and light and medium duty trucks to use CNG or LPG.
  • Percentages used to calculate the credit for the Innovative Motor Tax Credit are the following:
    • Category 1: 100% electric and plug-in hybrid electric motor vehicles: 100%
    • Category 1A: The conversion of a motor vehicle to an electric motor vehicle or plug-in hybrid electric motor vehicle: 75%
    • Category 2: Diesel-electric hybrid passenger vehicles with minimum fuel economy of 70 mpg: 25%
    • Category 3: Conversions of passenger vehicles and light and medium duty trucks to diesel-electric hybrid vehicles that increase the vehicle’s fuel economy by 40 percent or more: 35%
    • Category 4: Passenger vehicles and light and medium duty trucks originally manufactured to use CNG or LPG: 10.5%
    • Category 4A: Conversions certified by the U.S. Environmental Protection Agency of passenger vehicles and light and medium duty trucks to use CNG or LPG: 35%
    • Category 5: Idling reduction technologies which allow heavy-duty diesel engines: 25%
       
Eligible Applicants:
  • The Innovative Motor Vehicle Tax Credit is a refundable income tax credit available to taxpayers who purchase or lease an alternative fuel motor vehicle or convert a vehicle to an alternative fuel.
     
Eligible Fuels and Vehicles:
  • Compressed natural gas (CNG) vehicles.
  • Liquefied petroleum gas (LPG) vehicles.
  • Electric vehicles.
  • Plug-In hybrid vehicles.
  • Hybrid electric vehicles.
     
Qualifications:
  • Must be a resident of the state of Colorado.
  • Must operate the alternative fuel vehicle in the state of Colorado.
     
Contact Information:

Colorado Department of Revenue
Taxpayer Service Protest Resolution
1375 Sherman Street
Denver, CO 80261
(303) 205-8270 
 

 

 

 

 

 

Note: ROUSH CleanTech provides no representations, assurances or guarantees to you regarding federal, state, local and other tax incentives or grants. This website does not constitute tax advice. You are strongly advised to consult with your tax advisor regarding the specific federal, state, local, and other tax incentives or grants. The “summary” above is based on ROUSH CleanTech’s interpretation of publicly accessible grant funding documents and is meant to provide an overview of the opportunity. You are strongly advised to review the full grant funding language yourself before making any decisions about pursuing grant funding.

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