The Colorado income tax credit is funded by taxpayers in the state and is intended to benefit taxpayers in the state. If you register your car legally and pay income taxes in Colorado then you should be able to claim the credit. The tax credit is not intended for out-of-state buyers to buy in Colorado and then tax the car elsewhere.
If you still file taxes in Colorado and the car is registered in Colorado then it might be possible you could claim the credit. If you aren't paying taxes in Colorado and the car isn't registered in Colorado then you wouldn't be able to claim the credit.
Right, and pay annual registration fees and taxes (the car taxes have their own special name but I think of them as property taxes.)
I forgot to mention the sales tax specifically as well. That would be required before one could register the newly purchased car here. Sales tax could easily be 8% in some parts of Colorado, wiping out the $5000 - $6000 tax credit 'savings'.
So far, I believe they do not deduct it at the time of sale. We've talked with employees at a couple of the stores in Colorado and they said they didn't know if Tesla would offer this since it would be a change to the way they usually do business (and probably would take too much effort to change things for one state).
I should know the details well since I bought an EV just two months ago, but this is pretty close:
I just paid my registration and taxes last month. Where I live, the taxes came out to 7.75% or about $7,982.50. The state taxes of $4168 were included in this and paid when I picked up the car. Registration was $1,963.55. I'll get the full $6000 back so that helps offset a large percentage of the taxes paid. I actually calculated everything in advance and was off by about 50 cents from what I was actually charged. The clerk at the DMV was shocked and when she wrote the total down and passed the number to me, I told her that's pretty much exactly what I expected to pay.
Well done
Yes, $104,200 including docs and delivery. Delivered in December 2016 so I get $6000 state tax credit. Remaining tax and registration paid ~45 days later, once I got the paperwork from Tesla and the temporary tags expired.Well done
Was your msrp about 104k ?
Was your car bought in 2016 or 2017 ? I'm pretty sure the tax credit was reduced to $5000 from Jan 1st.
I bought my car in December but it was not delivered until January. The state tax authorities have told me to expect a tax credit based on the purchase date. Time will tell.
Luckily mine was delivered before the end of the year so there's no question about how much I'll receive or what tax year to claim it in. I don't know how it works with the state tax credit but for the federal tax credit on new cars, the car has to be delivered in the year that you claim the tax credit since it is based on the "placed in service date", not the purchase date. If your car was new, then technically you'd have to claim the federal tax credit on your 2017 return. If it was used, then I guess you wouldn't have to worry about it since there wouldn't be a tax credit.
