Colorado DOR Issues Proposed Rulemaking Notice Concerning Innovative Motor Vehicle, Innovative Truck Income Tax Credits

The Colorado Department of Revenue Dec. 13 issued a notice of proposed rulemaking on Innovative Motor Vehicle and Innovative Truck Credits to provide additional guidance and clarification and to update the rule to reflect changes made to the credits by House Bill 23-1272, for individual income and corporate income tax purposes. The proposal includes measures to: 1) address tax-exempt persons and political subdivisions; 2) provide necessary conditions for a motor vehicle or truck to be considered new; and 3) specify titling and registration requirements, the tax year for which a credit may be claimed, the manufacturer’s suggested retail price to ...