Electric Vehicle Offers & Information
UPDATE: Electric Vehicle Federal Tax Credit up to $7,500
The Inflation Reduction Act introduces a number of significant changes to the tax credit for new electric vehicles (section 30D). These changes will phase in over time. Effective immediately after enactment of the Inflation Reduction Act (after August 16, 2022), the tax credit is only available for qualifying electric vehicles for which final assembly occurred in North America. Further changes to the eligibility rules will begin in 2023.
Overall, the reforms in the Inflation Reduction Act mean that the tax credit for electric vehicles will evolve considerably over the coming months and years. However, the only change to the electric vehicle credit that takes effect immediately after the President signs the Inflation Reduction Act into law is the North America final assembly requirement.
Separately, starting in 2023, the Inflation Reduction Act also establishes tax credits for pre-owned clean vehicles (section 25E) and for commercial clean vehicles (section 45W). Treasury and the Internal Revenue Service will release more information on all the clean vehicle credits in the coming months.
source: U.S. DEPARTMENT OF THE TREASURY, August 16, 2022
- Consult your tax adviser to make sure you qualify
- Max tax credit $7,500
- Restrictions apply, subject to change without notice
UPDATE: EV Charging Equipment Federal Tax Credit up to $1,000
Consumers who purchase qualified residential charging equipment may receive a tax credit of 30% of the cost, up to $1,000.
- Consult a tax professional to see if your installation qualifies
- Visit IRS website for additional information
State of Colorado EV Tax Credit
Tax credits are available in Colorado for the purchase, lease and conversion of light, medium and heavy duty electric vehicles (EV). These credits were simplified effective Jan. 1, 2017. No credit is allowed for the purchase or lease of a used vehicle made on or after Jan. 1, 2017.
Questions about EV tax credits? Contact the Colorado Department of Revenue at 303-238-7378
- Restrictions apply
- Consult a tax professional to determine if you qualify
- Visit Colorado Energy Office website for details
2019: $5,000 for purchase or conversion; $2,500 for lease
2020: $4,000 for purchase or conversion; $2,000 for lease
2023: $2,500 for purchase or conversion; $1,500 for lease
2026: $2,000 for purchase or conversion; $1,500 for lease