Colorado Tax incentive

[loganthefirst]

Thanks. At least I get Superchargers for life buying before 12/31!

I'm looking to buy a Model X in the coming months after details are released about Model 3 of which I currently have a reservation. My main question is how much was registration for Model X here in colorado and if anyone would be able to shed some light on it.

Thanks!

 

[SageBrush]

I'm looking to buy a Model X in the coming months after details are released about Model 3 of which I currently have a reservation. My main question is how much was registration for Model X here in colorado and if anyone would be able to shed some light on it.

Thanks!

State sales tax is ~ 4%
Ownership tax is ~ 1.6% of MSRP the first year and then decreasing amounts in the years that follow. Added up it is ~ 6% total
Local/Country taxes vary between 0 - 2%

 

[dgpcolorado]

State sales tax is ~ 4%
Ownership tax is ~ 1.6% of MSRP the first year and then decreasing amounts in the years that follow. Added up it is ~ 6% total
Local/Country taxes vary between 0 - 2%

State sales tax is 2.9%. Front Range folks also pay some other sales taxes due to special districts, I believe (I don't). Local and county sales taxes depend on whether they are pure "sales" tax or "sales and use" taxes. Most are the latter and apply even for cars purchased outside the county/municipality.

In addition to the annual ownership tax you mentioned, there are a number of registration fees, such as the $50 plug-in vehicle fee ($30 to roads, $20 to a state charge station grant fund), title fee, base registration fee, bridge safety fee and the like. While it depends on which ones apply, all told they added up to about $200 on my car the first year.

FWIW.

 

[SageBrush]

State sales tax is 2.9%. Front Range folks also pay some other sales taxes due to special districts, I believe (I don't). Local and county sales taxes depend on whether they are pure "sales" tax or "sales and use" taxes. Most are the latter and apply even for cars purchased outside the county/municipality.

In addition to the annual ownership tax you mentioned, there are a number of registration fees, such as the $50 plug-in vehicle fee ($30 to roads, $20 to a state charge station grant fund), title fee, base registration fee, bridge safety fee and the like. While it depends on which ones apply, all told they added up to about $200 on my car the first year.

FWIW.

Thanks for the correction.

Look at this

I don't know if the City of Denver also has an ownership tax, but if so that adds up to a hefty amount.

 

[loganthefirst]

So I live in Highlands Ranch. Not including my monthly payments plus electricity costs, what is the overall cost I can expect to get the vehicle titled etc. Any owners in HR that have a fairly accurate number?

 

[Barry]

State sales tax is 2.9%. Front Range folks also pay some other sales taxes due to special districts

State 2.9% + RTD tax 1% (Denver/Boulder metro) + county/local sales tax, if applicable.

 

[Runt8]

I've seen it posted both ways - does anyone have a definitive answer on whether this is a "rebate" versus a "credit?" I estimate I will end up paying slightly less than $4000 in taxes in 2018 (when I purchase my Tesla), so am I limited to that amount or do I get the full $5000?

 

[SageBrush]

I've seen it posted both ways - does anyone have a definitive answer on whether this is a "rebate" versus a "credit?" I estimate I will end up paying slightly less than $4000 in taxes in 2018 (when I purchase my Tesla), so am I limited to that amount or do I get the full $5000?

Full $5000

 

[Runt8]

Full $5000

Awesome, that's good news!

Does Tesla actually take the $5000 off at time of sale?

 

[MorrisonHiker]

Awesome, that's good news!

Does Tesla actually take the $5000 off at time of sale?

While some car dealerships can offer that service for a fee, that last I heard was that Tesla does not offer this since it would require Tesla to float the money and get the money back from the state. I don't see them doing that just for Colorado.

You should call a local store to confirm but I'm pretty sure you'll have to just claim the credit and get the refund when filing your taxes.

 

[Runt8]

While some car dealerships can offer that service for a fee, that last I heard was that Tesla does not offer this since it would require Tesla to float the money and get the money back from the state. I don't see them doing that just for Colorado.

You should call a local store to confirm but I'm pretty sure you'll have to just claim the credit and get the refund when filing your taxes.

Ok, thanks for the quick reply!

 

[dgpcolorado]

For more information about the current Colorado Tax Credit:

Income 69: Innovative Motor Vehicle and Innovative Truck Credits for Tax Years 2017-2021

 

[Pandamoanium]

For more information about the current Colorado Tax Credit:

Income 69: Innovative Motor Vehicle and Innovative Truck Credits for Tax Years 2017-2021

Thank you! Seems like it is still a claim post purchase. So same as last year minus 1K, bummer, but better than nothing!

 

[dgpcolorado]

Thank you! Seems like it is still a claim post purchase. So same as last year minus 1K, bummer, but better than nothing!

Also doesn't apply to used EVs, as the old credit did. The old credit helped me with my CPO purchase. I can't use the federal tax credit so the Colorado one is all I've got to work with.