CO SB047

Repeals income tax credits for innovative motor vehicles and innovative trucks for purchases and leases entered into on or after January 1, 2019

Changes the sunset date for these tax credits from December 31, 2026 to December 31, 2022 in both Colorado Revised Statutes sections 39-22-516.7 and 39-22-516.8

Requires the state controller to credit estimated tax revenue retained from the repeal to the highway users tax fund for fiscal years 2018-19 through 2020-21

Appropriates $16,000 to the department of revenue for 2018-19 ($10,000 for GenTax system support and $6,000 for document management services) and $6,000 to the department of personnel for document management services

Takes effect August 8, 2018, unless a referendum petition is filed, in which case approval by voters at the November 2018 general election is required