![]() Vehicle must meet one or more of the following criteria:.Vehicle must be gasoline or diesel-powered. ![]() The vehicle must be currently registered under the participant’s name with the Colorado Department of Motor Vehicles.The vehicle title must be issued to solely the participant AND must not have a lien (there must not be an outstanding loan for the vehicle).Only one VXC rebate is allowed per tax household. Supplemental Nutrition Assistance Program (SNAP).State of Colorado Low-Income-Energy Assistance Program (LEAP).Special Supplemental Nutrition Program for Women, Infants, and Children (WIC).Regional Transportation District (RTD) LiVE.Colorado’s Weather Assistance Program (WAP).Colorado Affordable Residential Energy (CARE) Program.Enrollment in any one of the following financial assistance programs:.Household income below 8 0% of the area median income in the county where the resident lives OR.Meet at least one of the following income requirements:.Own an eligible old or high-emitting vehicle.Eligible to purchase or lease a vehicle in Colorado.Written binding contracts (non-refundable deposit or down payment of 5% of the total contract price) to purchase a qualifying electric vehicle before Augshould not be affected by new tax credit stipulations. Lease credit goes to the leasing company, typically lowering the lease cost. The credit amount will vary based on the capacity of the battery used to power the vehicle. New electric vehicles purchased after 2010 may be eligible for a federal income tax credit of up to $7,500 - assuming sufficient income tax appetite. Electric motorcycles are not eligible.Lease credit goes to leasing company – may lower lease cost.Income caps for consumers: $150,000 for single filers, $225,000 for head of household and $300,000 for joint filers.Updated February 6, 2023: IRS has updated the classification of these EVs and raised the MSRP cap from $55,000 to $80,000:.Only cars under $55,000 or SUVs, vans, and pickup trucks under $80,000 are eligible for the credit.has a free trade agreement, or use critical minerals that were recycled in North America. Another $3,750 if the vehicle has critical minerals that were extracted or processed in the U.S.$3,750 if the vehicle has battery components that are manufactured or assembled in North America (listed here: ).This applies even if you bought the vehicle before April 18. If you take possession of a new clean vehicle on or after April 18, 2023, it must meet critical mineral and battery component requirements to qualify for the credit.
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