Colorful Colorado is making it even cheaper to buy electric vehicles. A new bill more than doubles the available tax credit to a total of $5,000 whenever someone buys a new EV starting from July. It’s a big move that could put a number of new cars within reach of buyers.
Until now, new EV buyers could apply for a tax credit of up to $2,000. As of July 1st, 2023, that figure goes to $5,000 so long as the car itself doesn’t have an MSRP above $80,000. The state tax credit stacks on top of whatever federal tax credit one might get meaning the total savings could end up being $12,500.
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