Connect with us

Hi, what are you looking for?

CleanTechnica

Cars

Colorado’s Leading EV Financial Incentives Get Modification Proposal

Colorado has arguably the best electric vehicle purchase incentives in the country — a very substantial tax credit (the largest) and also a sales tax exemption.

A new bill passed by the Colorado State Legislature will change these incentives somewhat, though — arguably, for the better, or for the worse, depending on who you’re asking.

Colorado

The new bill — House Bill 16-1332 — will allow the state’s electric vehicle (EV) tax credit to be claimed by a dealership or financing agent. Which means that the bill will allow for a “purchase price” that’s minus the tax credit figure, right from the start. It won’t be necessary to wait until tax season to lower the cost-of-purchase for the vehicle; the sticker price itself will be lower from the start.

That said, the new bill also removes tax credit eligibility for the purchase of used EVs — potentially hammering those of lesser financial means, and also used EV sales agents as well. Previously, EVs that hadn’t yet been registered in Colorado were eligible for the tax credit as well.

Notably, the new bill also reduces the tax credit from up to $6,000 (depending on battery-pack size) down to $5,000. And it allows dealers to charge up to $150 for the transfer of the credit.

The owner Green Eyed Motors, a used EV sales business, Luke Walch, commented on the new bill: “It’s totally going to hose me. If their ultimate goal is to get more electric cars on the road, it doesn’t make sense. The barrier of entry is absurdly high with some electric cars. I can sell a Leaf on my lot for $8,300. I’ve tried to sell electric cars without (the credit) and with it. It’s going to have a huge impact.”

The new bill had substantial bipartisan support.

 
 
 
Appreciate CleanTechnica’s originality and cleantech news coverage? Consider becoming a CleanTechnica Member, Supporter, Technician, or Ambassador — or a patron on Patreon.
 

Don't want to miss a cleantech story? Sign up for daily news updates from CleanTechnica on email. Or follow us on Google News!
 

Have a tip for CleanTechnica, want to advertise, or want to suggest a guest for our CleanTech Talk podcast? Contact us here.
Advertisement
 
Written By

James Ayre's background is predominantly in geopolitics and history, but he has an obsessive interest in pretty much everything. After an early life spent in the Imperial Free City of Dortmund, James followed the river Ruhr to Cofbuokheim, where he attended the University of Astnide. And where he also briefly considered entering the coal mining business. He currently writes for a living, on a broad variety of subjects, ranging from science, to politics, to military history, to renewable energy.

Comments

You May Also Like

Clean Transport

The Colorado Energy Office (CEO) and the Colorado Department of Transportation (CDOT) recently launched an EV education campaign. They did this to raise awareness...

Batteries

Ford wants the U.S. to be a bit loose in determining whether EVs comply with new EV tax credit requirements. Read on for what’s...

Cars

Import tariffs and the Fringe Benefits Tax (FBT) will be cut on electric vehicles costing below $84,000 (AUD) in Australia. It is an exciting...

Cars

Plugin electric vehicles (EVs) took 22.4% share of France’s auto market in October, down from 22.9% YoY. Full electrics grew share slightly, while plugin...

Copyright © 2022 CleanTechnica. The content produced by this site is for entertainment purposes only. Opinions and comments published on this site may not be sanctioned by and do not necessarily represent the views of CleanTechnica, its owners, sponsors, affiliates, or subsidiaries.