Leasing a Green Vehicle Gets You a Rebate in Colorado

A bill signed in Colorado will now allow lessees to claim any tax credits for hybrid cars and electric vehicles, rather than the lessor.

Previously, the state had allowed banks or finance companies to choose whether claim the credits themselves on lease vehicles, or to pass the credits on to the lessee.

Predictably, this resulted in plenty of finance companies hanging onto the credit themselves, preventing customers from realising the benefits.

TimesCall reports that the state's income tax credit for buying what it describes as "innovative motor vehicles" will now benefit lease consumers equally.

"This legislation will benefit consumers across the state who have chosen to be both fiscally and environmentally responsible", explained Senate President Brandon Shaffer. "I look forward to knowing this credit is going back into the pockets of Colorado families."

Like many tax-based credit systems, the state's formula for calculating credits is apparently complex, but Rep. Jonathan Singer, whose bill now guarantees the credits, says the credit usually runs to around $2,500.

If you've been holding out for an electric vehicle, hybrid or alt-fuel vehicle, there's never been a better time to lease in Colorado.


Source: Green Car Reports