April 17, 2016

Colorado Pushes Electric Vehicle Tax Credits

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Colorado is offering tax credits for those buying electric cars. The state’s program is one of the highest offers in the country — up to $6,000 back on your state taxes.

It’s one way the state is hoping to reduce its carbon footprint. And so far, it seems to be working. Cabell Hodge, policy advisor for the Colorado Energy Office says there are approximately 6,300 electric cars on the road in Colorado now, compared to 20 in 2011. And the state has seen a 37 percent improvement in greenhouse gas emissions, he added.

But the money doesn’t come that easily to car buyers. Buyers won’t necessarily qualify for the maximum credit. And the credit won’t apply until their following year’s taxes.