Colorado Boosts EV Incentive To $5000, Adds $2500 Sweetener
Colorado is on a mission to get almost 1 million electric cars on its roads by 2030. Today, there are about 80,000 EVs in the state, so there’s a long way to go and a short time to get there. Sales are rising, however. This year, more thansold in Colorado are EVs. The state already has a $2,000 tax credit for residents who purchase an electric car, but as of July 1, that will increase to $5,000.
Naturally, there are some requirements in order to be eligible. First, you have to pay taxes in Colorado before you can qualify for the tax credit. That should be intuitively obvious to the most casual observer, but you never know these days. Second, the MSRP of the vehicle cannot exceed $80,000. The new tax credit runs from July 1, 2023, until January 1, 2025, at which time it begins to phase out through the end of 2029, so those who act first will get the biggest benefit.There are some people who think the current system of tax credits and rebates is not structured in such a way as to give taxpayers the most bang for their bucks.
The program will be restricted to low- and moderate-income Colorado residents. The state is proposing to limit participation to households that are enrolled in other income qualified programs or that earn less than 80 percent of the area median income. That would amount to an annual income of $62,500 for a one person household or $103,750 for a family of four in Denver.
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