I purchased my vehicle in 2023, is it still eligible for the Innovative Motor Vehicle Credit?

[DianeW777]

The following would indicate you must take the credit in the year you purchase the qualifying vehicle. You can amend your 2023 tax return if you have the qualifying information.

• Tax credits are available in Colorado for the purchase or lease of new electric vehicles and plug-in hybrid electric vehicles. 
• How to amend (change or correct) a return already filed?
• What is the deadline for filing an amended return?

Effective July 1, 2023, the innovative motor vehicle credit increases to $5,000 for the purchase or lease of a qualifying electric or plug-in hybrid electric vehicle. This increase does not apply to the innovative truck credit, which will increase for tax years beginning on or after January 1, 2024. 

• CO Form DR 0617 2023

The Innovative Motor Vehicle Credit is open to Colorado residents who take possession of an eligible vehicle on July 1st, 2023 or later. Notably, there is an MSRP cap of $80,000, but that still leaves plenty of popular vehicles eligible. Unlike the federal tax credit requirements, the MSRP does not vary between vehicle types.