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.)