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If you’re interested in buying an EV or have already purchased one near Littleton, Parker, and Castle Rock, CO, you may be well aware of the financial incentives involved. Due to the positive impact electric cars have on the environment, many EV drivers are eligible for a corresponding tax credit.
In the paragraphs below, our team here at McDonald Volkswagen will detail the Colorado EV tax credit, and how you can get it if you drive an electric vehicle.
After recently purchasing an EV, you may be wondering – “am I eligible for a Colorado EV tax credit?” Accordingly, our team has laid out the requirements that need to be met in order for you to qualify for a credit.
In short, if you have leased, purchased, or converted any vehicle to electric fuel, you do qualify. There are, however, some more strict requirements in place that you will want to pay attention to. These requirements are listed below.
For most EVs you won’t have to worry about these requirements as most come having met them all. Though, they are still good to keep in mind.
In order to file for the Colorado EV tax credit, you will need to file a Colorado income tax return with all required forms and documentation. This claim must be made in the same tax year that the purchase, lease, or conversion was made.
Have more questions about the Colorado EV tax credit? Check out some of our FAQs below!
Is an electric car 100% tax deductible?
No, they are not. The Colorado EV tax credit will reward you for going green but you cannot write off your EV 100% as a deductible. A tax credit actually stands to save you more money than if you were to write-off the same amount.
How many times can you claim an EV tax credit?
For the Colorado EV tax credit, you can only claim the credit once per vehicle. Additionally, you must claim this credit in the same tax year that you purchased the vehicle. For every EV you own, though, you can claim the credit. So, if you purchase more than one, you can claim the credit again.
Still have questions about the Colorado EV tax credit? Contact our team here at McDonald Volkswagen with any questions you may have. We’re proud to serve the Littleton, Parker, and Castle Rock, Colorado, communities and will be happy to help in any way that we can!
