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.
Tesla’s electric vehicles (such as this Model 3) have long set the pace in the EV market, and they enjoy their own network of charging stations.
Credit: Benjamin Westby
With electric vehicles gaining market share and popularity, Colorado consumers are increasingly faced with tradeoffs. One such tradeoff presents itself this month as a key state tax credit is set to decrease significantly after Dec. 31.
The dilemma boils down to this: Buy an electric vehicle (EV) before the end of the year to save an extra $1,500? Or hold off until 2021, when a host of new models – including some electric trucks and SUVs – are expected to hit the market?
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Window shop with The Upstairs Gallery
MEEKER | The Upstairs Gallery has moved downstairs into the Hugus Building windows. Shop anytime. Text or leave a voicemail for Pat @ 970-799-9375 with your name and item numbers. Pick up between 2-5 p.m. at the 594 Main Hugus door. Fine art and crafts and great gifts by Pat Sheeran/Daggett, Maym Cunningham, Andy Goettel, Tasha Geodert, Suzi Kull, Jere Taylor, Janele Husband, Roberta Hawks, Jennifer Taylor, Tim Knouff and Katie Conrado. Wear a mask.
WREA November bills delayed
MEEKER | White River Electric (WREA) utilizes a third party billing service to mail its monthly statements. November’s bills were mailed on time, but unfortunately many of the bills have been lost or delayed in the mail. WREA apologizes for any inconvenience or confusion this has caused. Please call WREA with questions or for an additional copy of your bill. Monthly bills remain due on the 15th of the month. Members may also login to review and pay their electric accou