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Bill will help consumers and reduce carbon pollution emissions
(Feb. 25) – The House Energy and Environment committee approved a bill sponsored by Rep. Sonya Jaquez Lewis, D-Longmont, and Rep. Matt Gray, D-Broomfield, that would extend the Electric Vehicle tax credit from 2022 to 2025 as it is currently set to expire in 2021.
“We need to usher these vehicles at a time where they are the rule, not the exception,” said Rep. Gray. “We need to make sure we are supporting these vehicles, getting more of them on the road, and making a cleaner future for our state.”
The state innovative motor vehicle income tax credit is intended to reduce the cost of alternative fuel vehicles and incentivize their purchase. This tax credit is especially accessible because customers may work with the auto dealer to receive the tax credit immediately at the time of purchase. Colorado is widely considered to be one of the best states to buy an electric vehicle.
“The next several years are a critical time for the adoption of cleaner vehicles. The irrefutable scientific data says we must act now. More people driving cleaner cars will lead to cleaner air, improve public health and help protect our Colorado way of life,” said Rep. Jaquez Lewis. “This bill extends the innovative motor vehicle tax credits for the cleanest vehicles on the market. More Coloradans will be able to purchase or lease these vehicles and our communities will benefit from this growing technology.”
2018 was the fourth-hottest year on record and the five hottest years on record occurred in the past five years. Cars and trucks account for one-fifth of the United States carbon pollution emissions.
The bill modifies the amount of the tax credit and extends the number of years the credit is available for the purchase or lease of an electric motor vehicle, a plug-in hybrid electric motor vehicle, an original equipment manufacturer electric truck and plug-in hybrid electric truck.
The Auto Alliance has estimated that Colorado has just over 7,200 electric vehicles registered in Colorado. While small, support from this tax credit will help more drivers make the decision to go electric and thus reduce the amount of harmful carbon emissions in our atmosphere.
HB19-1159 was approved by a vote of 7-4 now goes to the Finance committee.