Electric vehicle $4,000 tax credit deadline is Dec. 31 | SummitDaily.com

Electric vehicle $4,000 tax credit deadline is Dec. 31

For those considering buying an electric vehicle, Dec. 31 is the last date to qualify for a $4,000 state tax credit.

The Innovative Motor Vehicle income tax credit on the purchase of a new plug-in hybrid or all-electric vehicle will drop to $2,500 in 2021. The credit for leasing an electric vehicle will decrease to $1,500 next year from the current $2,000, according to a news release from Clean Energy Economy for the Region.

Electric vehicle purchasers also can claim a federal income tax credit of up to $7,500, but the size of the federal credit depends on the vehicle model and the purchaser’s individual tax liability.

Find more information at GarfieldCleanEnergy.org/buying-an-ev.

Support Local Journalism

Support Local Journalism

As a Summit Daily News reader, you make our work possible.

Summit Daily is embarking on a multiyear project to digitize its archives going back to 1989 and make them available to the public in partnership with the Colorado Historic Newspapers Collection. The full project is expected to cost about $165,000. All donations made in 2023 will go directly toward this project.

Every contribution, no matter the size, will make a difference.


Start a dialogue, stay on topic and be civil.
If you don't follow the rules, your comment may be deleted.

User Legend: iconModerator iconTrusted User