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Issue Briefs

Innovative Motor Vehicle Income Tax Credit

Fiscal Policy & Taxes
Transportation & Motor Vehicles

The state innovative motor vehicle income tax credit is intended to reduce the cost of alternative fuel vehicles and incentivize their purchase.  This issue brief describes the income tax credit, most recently modified by House Bill 16-1332, and provides information on the fixed income tax credit values available for passenger cars and trucks.

The effective date for bills enacted without a safety clause is August 7, 2024, if the General Assembly adjourns sine die on May 8, 2024, unless otherwise specified. Details