Question Regarding Colorado Tax Credit

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Ok here is a sentence from our new state EV tax credit law:

“If the allowable credit exceeds the taxpayer’s tax liability for the tax year, the excess credit will be refunded to the taxpayer.”

So does this mean, in theory, one can have a tax liability of $2k and still get paid $5k by the state for the purchase of a new EV?

Yes, that is what it means.

Is the Colorado EV Tax Credit Refundable?

One common question that many potential EV buyers ask is, “Is the Colorado EV tax credit refundable?” The simple answer is yes, it is. The term ‘refundable’ in a tax context means that if the credit is larger than your income tax liability, the excess can be returned to you as a refund. Therefore, even if you owe no state income tax, you can still benefit from this incentive.

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Even the lawmakers in that state are high as fuck allowing this :joy:


So this is the reason CO dealers be gobbling up allocations.
Second place is Cali.

I’m old enough to remember when they were giving like $12k on a Model S purchase when there was still a $7500 EV tax credit on it (pre-200k sales). And they can keep all their ditch weed.

Minimum wage was $8 in 2012? Couldn’t afford one with the McDonald’s salary
PMing Elon we need a wagon for the :potato: