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Colorado EV credit will increase from $ 2500 to $5000 starting July!
- Thread starter tashtibet
- Start date
Ostrichsak
Well-Known Member
I typically hate subsidies (whether they're at the state level or the federal level) but, being as we will personally stand to gain $2,500 from our recent purchase, it's hard to hide my excitement for this one.
Ostrichsak
Well-Known Member
Unless something has changed, the bill goes into effect on July 1st but it's retroactive going back to the start of 2023. It's resetting a previous Colorado EV tax credit that began life at $5k years ago and went down year-by-year to the $2,000 that it is now.Agreed. Although my MYP will be here before then so I'll miss out. But then the way rates and what not are going holding off would likely cost me at least the $2500 addition starting then anyway.
It's a $2,000 point of sale discount (although when we bought ours Tesla was still showing it as the $2,500 from the stepped amount from 2022) which is nice. If you take delivery after July 1st you should see the full $5k discount at the time of sale assuming Tesla has their poop in a group.
The balance would be recovered when you file your 2023 taxes. That is unless they changed it before he signed it to start new on July 1st but last I was tracking it was going to be retroactive.
Full disclosure: things may have changed since I was last tracking this so I'd suggest doing additional research (I plan to now that it's happening) on the full details before assuming you're missing out on anything.
Ostrichsak
Well-Known Member
It may not be. Like I said, I'm not stating definitively that it is, only that it was once supposed to be. It may very well be that they revised it to start only for deliveries taken on 7/1/23 and forward. I would research it further (as I plan to when I have time) before you decide it is or it isn't is all I'm saying. Personally, I'm going to assume that I won't see that additional $2,500 from my purchase a few months ago and, once tax season gets closer, I'll find out if I'm getting a nice surprise I wasn't expecting or not. For me, it really doesn't make a bit of difference as it's not like I'm giving the car back anyway. For someone like you who hasn't yet taken delivery it may be a solid idea to do a bit of a deep dive to determine if it's going to impact your decision to take delivery or not.
Good news! Hopefully it will be retroactive for the full 2023, we took delivery in February. I don't really look at it as a government subsidy, but rather as a return of my money, which will be spent better than the government will waste it away anyway
When we picked up our car we did not get any POS discount. Did you?
Ostrichsak
Well-Known Member
Hopefully it will but I'm not holding my breath nor am I a tax advisor.Good news! Hopefully it will be retroactive for the full 2023, we took delivery in February. I don't really look at it as a government subsidy, but rather as a return of my money, which will be spent better than the government will waste it away anyway
When we picked up our car we did not get any POS discount. Did you?
We did. There was a -$2,500 line item listed and it didn't have much of a description so it took me a minute to realize what it was, especially since it wasn't the $2,000 that it should have been for 2023.
I got excited for a moment, but looks like it won't be retroactive. The bill is available for viewing now.
(4) The amount of the credit allowed pursuant to this section is calculated as follows: (a) Category 1. (V) With respect to the tax years commencing THE PURCHASE OR LEASE OF A CATEGORY 1 VEHICLE SOLD OR LEASED on or after January 1, 2023, but prior to January 1, 2026, JULY 1, 2023, two thousand dollars for a purchase or one thousand five hundred dollars for a lease; (VI) EXCEPT AS OTHERWISE PROVIDED IN SUBSECTION (4)(a)(XI) OF THIS SECTION,
WITH RESPECT TO THE PURCHASE OR LEASE OF A CATEGORY 1 VEHICLE SOLD OR LEASED ON OR AFTER JULY 1, 2023, BUT BEFORE JANUARY 1, 2025, FIVE THOUSAND DOLLARS FOR A PURCHASE OR A LEASE;
(4) The amount of the credit allowed pursuant to this section is calculated as follows: (a) Category 1. (V) With respect to the tax years commencing THE PURCHASE OR LEASE OF A CATEGORY 1 VEHICLE SOLD OR LEASED on or after January 1, 2023, but prior to January 1, 2026, JULY 1, 2023, two thousand dollars for a purchase or one thousand five hundred dollars for a lease; (VI) EXCEPT AS OTHERWISE PROVIDED IN SUBSECTION (4)(a)(XI) OF THIS SECTION,
WITH RESPECT TO THE PURCHASE OR LEASE OF A CATEGORY 1 VEHICLE SOLD OR LEASED ON OR AFTER JULY 1, 2023, BUT BEFORE JANUARY 1, 2025, FIVE THOUSAND DOLLARS FOR A PURCHASE OR A LEASE;
Ostrichsak
Well-Known Member
Bummer. Oh well, I wasn't planning on it anyway so no real loss but good for other Coloradoans who are on the fence.
Hoping the timing works out for me to pick up right on July 1st or after. Ordered a MYLR on 5/16. I've been watching the inventory to snag something earlier but now will wait for my order
Pretty crazy to think 6 months ago the Y was way out of my price range but now with the price drop and updated tax incentives it comes out to about even with the Rav4 Hybrid I'm waitlisted for.
Pretty crazy to think 6 months ago the Y was way out of my price range but now with the price drop and updated tax incentives it comes out to about even with the Rav4 Hybrid I'm waitlisted for.Major disappointment. But not the first one and I am sure not the last one with the politicians
SabrToothSqrl
Active Member
Ostrichsak
Well-Known Member
It doesn't work that way. The point-of-sale tax credit only appears if your registration address is also in Colorado.
SabrToothSqrl
Active Member
Have you looked into the cost of registering a vehicle in CO?for $5k, I can get a PO box...
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