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SB17-188

Repeal Income Tax Credit Innovative Motor Vehicles

Concerning the repeal of income tax credits for innovative motor vehicles for purchases and leases entered into on or after January 1, 2018.
Session:
2017 Regular Session
Subjects:
Fiscal Policy & Taxes
Transportation & Motor Vehicles
Bill Summary

The bill repeals the income tax credits for innovative motor vehicles and innovative trucks for purchase and leases entered into on or after January 1, 2018.

For the 2017-18 state fiscal year and each fiscal year thereafter through the 2020-21 state fiscal year, the bill requires the state controller to credit an amount of tax revenue estimated to be retained by the repeal of the income tax credits to the highway users tax fund.

The bill requires the secretary of state to submit a ballot question, to be treated as a proposition, at the statewide election to be held in November 2017 asking the voters:

  • To increase state tax revenue by a specified amount in each fiscal year through the 2020-21 state fiscal year by the repeal of the income tax credit for innovative motor vehicles and the income tax credit for innovative trucks;
  • To credit the resulting estimated tax revenue to the highway users tax fund; and
  • To allow an estimate of the resulting tax revenue to be collected and spent notwithstanding any limitations in section 20 of article X of the state constitution (TABOR).
    (Note: This summary applies to this bill as introduced.)

Status

Introduced
Lost

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Bill Text

Sponsors

Sponsor Type Legislators
Prime Sponsor

Sen. V. Marble

Sponsor

Sen. R. Baumgardner, Sen. J. Cooke, Sen. C. Holbert, Sen. K. Lundberg, Sen. T. Neville, Sen. J. Sonnenberg

Co-sponsor

Pursuant to HJR20-1007, the Second Regular Session of the 72nd General Assembly is Temporarily Adjourned until 10:00 a.m., Monday, March 30, 2020. 

COVID-19 Resources

Temporary Guidelines for Review and Comment Meetings

The legislature will meet in limited session on Monday, March 30th. The Capitol will be open for the duration of the session for those with essential business related to the session. The building will not be available for public tours. People without essential business are encouraged to access the session through the General Assembly website and Colorado Channel.  Anybody with essential business related to the session will be required to practice appropriate social distancing measures.