Owners in the Denver Colorado or surrounding area

[dfdtruckie]

Hello, I'm a new potential buyer. I wanted to know if you could share your experience with your purchase and tax credit. My understanding is that its a credit and not a actual rebate check. So you get a perceived saving toward your taxable income? Did it have a actual effect on your return? Dig you get a bigger return? Thank you for your input.

 

[tvuolo]

For Colorado, it's a tax credit and has no impact on your taxable income. I owed ~$100 to the state. I got a $6000 credit less $100, and ended up with a check for $5900. I'm not sure about the federal credit, since my car was used (just never registered in CO).

NOTE: I filed my taxes in early Feb, and I didn't receive my check until late August. Colorado was having a bunch of fraud, so it took a long time this year. The point is... don't count on it arriving a few weeks after filing.

 

[Barry]

For the Federal, you must have a tax bill of greater than or equal to $7500 to get the full credit. If you tax bill is less, you will get less.

 

[theheff]

For the Federal, you must have a tax bill of greater than or equal to $7500 to get the full credit. If you tax bill is less, you will get less.

Barry is correct. It also took an extremely long time to get the state credit. I filed in February and didn't receive the Colorado EV credit until July.