CO HB1299

Amends the innovative motor vehicle tax credit under Colorado Revised Statutes 39-22-516.5 to explicitly allow motor vehicle lessees to claim the tax credit in addition to purchasers.

Specifies that when a motor vehicle is leased, the lessee, not the lessor, is allowed to claim the credit for tax years commencing January 1, 2012 through December 31, 2015.

Modifies the definition of "actual cost incurred" to include costs paid by lessees for vehicles, conversions, or idling reduction technologies, calculated net of other credits and rebates.

Maintains existing credit limits of up to $6,000 for alternative fuel vehicles and $7,500 for plug-in hybrid electric vehicle conversions.

Declares the act necessary for the immediate preservation of public peace, health, and safety.