Buying a an EV, especially since most of them that are on the market are new, can be pricey. Starting Summer of 2023 there will be Tax credits and rebates available for Colorado Residents.
It is a 5000 credit on any new EV, under $80,000. We like this tax credit because it is the most flexible of all of the the other credits and rebates. For example, it does not have income restrictions, so it doesn't care how much money you make. You simply must be a Colorado taxpayer and the EV must be registered/ titled in Colorado.
We like this new law because it works for small businesses ( 3 or more employees) too. Starting in 2023 Employers can earn tax credits for making alternative commuting options available for their employees. These are the types of alternative transportation options that qualify for this tax credit:
the maximum spend for this program is $2,000/year per employee. The maximum credit is $1,000 per employee per year. It does NOT include EV charging stations or E Bikes.
Please speak with your tax advisor about the details
This new bill has several parts and pieces. Here are the highlights.
HOAs cannot deny the installation of EV charging equipment in the leased premises or a unit in the common interest community. The requests from the tenants must be reasonable and safe but there must be an attempt by the HOA to accommodate them.
When the federal law allows for the construction of EV charging systems along interstate highway rights-of-way, CDOT may collaborate with public or private entities to develop projects for the construction of EV charging systems along interstate highway rights-of-way... and CDOT may develop these types of projects along state highways.
Lastly, we finally have a statewide definition of the phrase "disproportionately impacted community" It helps to have one definition we can all refer too in our systems and conversations around policies.
Please consult with your legal counsel for the details of how these new laws apply to you, your business and or property.