Colorado Tax Credit

[mpw81]

Was doing prelim work on my taxes today. I'd just assumed the CO tax credit would be the standard $2500 but anything over 8500 GVWR (Rivian is 8532) is $3500. So that was a fun surprise. Also entertaining, the state tax credit website has a Rvian on it. Going through it reminded me that the credit is a little bit of a hassle though. When I bought my Q5e a couple years ago I had to submit purchase docs through the CO Revenue Online system and it looks like I'll have to do the same this year with the Rivian.


https://energyoffice.colorado.gov/zero-emission-vehicles/zero-emission-vehicle-tax-credits

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[Aardvark]

Was doing prelim work on my taxes today. I'd just assumed the CO tax credit would be the standard $2500 but anything over 8500 GVWR (Rivian is 8532) is $3500. So that was a fun surprise. Also entertaining, the state tax credit website has a Rvian on it. Going through it reminded me that the credit is a little bit of a hassle though. When I bought my Q5e a couple years ago I had to submit purchase docs through the CO Revenue Online system and it looks like I'll have to do the same this year with the Rivian.


https://energyoffice.colorado.gov/zero-emission-vehicles/zero-emission-vehicle-tax-credits

Thanks for the heads up.

 

[JKDU]

Was doing prelim work on my taxes today. I'd just assumed the CO tax credit would be the standard $2500 but anything over 8500 GVWR (Rivian is 8532) is $3500. So that was a fun surprise. Also entertaining, the state tax credit website has a Rvian on it. Going through it reminded me that the credit is a little bit of a hassle though. When I bought my Q5e a couple years ago I had to submit purchase docs through the CO Revenue Online system and it looks like I'll have to do the same this year with the Rivian.


https://energyoffice.colorado.gov/zero-emission-vehicles/zero-emission-vehicle-tax-credits

Looks like for those who haven't received their Rivian yet that the CO tax credit has dropped to $2,800 for light duty electric truck (GVWR more than 8,500). The $3,500 credit applied to those purchased prior to 1/1/2023. Still better than the $2,000 credit I was expecting.

 

[s00n]

I signed that binding agreement a few months back, but won’t get the S until ~Apr-Jun. Could I get the ‘22 credit on my ‘22 filing? Should I have clicked on that link first?

 

[freshpow]

I signed that binding agreement a few months back, but won’t get the S until ~Apr-Jun. Could I get the ‘22 credit on my ‘22 filing? Should I have clicked on that link first?

Regarding the CO '22 credit, no (see below). You will get the '23 credit. Regarding the federal credit, no one knows if the binding purchase agreements will hold up for vehicles delivered in 23.

Date of purchase, lease, or conversion
The credit is determined, in part, based upon the tax year that includes the date of purchase, lease, or conversion. For the purchase or lease of a qualifying motor vehicle or truck, the date of purchase or lease is the date the purchaser or lessee enters into a legally binding purchase or lease agreement, so long as the purchaser or lessee takes possession of the motor vehicle or truck within 10 days of that date. If the purchaser or lessee does not take possession of the motor vehicle or truck within 10 days of the execution of the purchase or lease agreement, the date of purchase or lease is the date the purchaser or lessee takes possession of the motor vehicle or truck.

 

[zefram47]

Was doing prelim work on my taxes today. I'd just assumed the CO tax credit would be the standard $2500 but anything over 8500 GVWR (Rivian is 8532) is $3500. So that was a fun surprise. Also entertaining, the state tax credit website has a Rvian on it. Going through it reminded me that the credit is a little bit of a hassle though. When I bought my Q5e a couple years ago I had to submit purchase docs through the CO Revenue Online system and it looks like I'll have to do the same this year with the Rivian.


https://energyoffice.colorado.gov/zero-emission-vehicles/zero-emission-vehicle-tax-credits

I'd wondered if it would get the light truck credit. It's a shame Rivian isn't doing the legwork on their end to treat it as a Point of Sale credit. When I bought my MINI there was a CO form that I signed that allowed the dealer to claim the credit in my name, so it was taken off at sale time.

 

[photontorque]

Helpful discussion. I hope to get the R1S this year, this thread inspires me to check the GVWR as a part of the receipt checklist. I was assuming the vehicle would be < 8500 lbs. The S is shorter than the T, but has more claptrap in the back, so I don't know how the weight will tip the scales in the end.

Between potentially not getting the federal tax credit, and the reduced CO tax credit, there might be a swing (~$8k more) in our outlay for the vehicle. Another consequence of production delay.

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