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CO HB1124
Bill
Status
Failed
3/10/2022
Primary Sponsor
Rod Pelton
Click for details
AI Summary
- Creates a $750 income tax credit for taxpayers who purchase a new motor vehicle (model year 2015 or newer) and simultaneously trade in an old motor vehicle (model year 2009 or older) for recycling through the same licensed dealer
- Credit applies to income tax years commencing January 1, 2023 through December 31, 2027
- Purchaser must assign the tax credit to their financing entity, which compensates the purchaser for the full $750 value; the compensation is not taxable income
- Financing entity must electronically submit report to Department of Revenue within 30 days and file agreement with original tax return identifying both vehicle identification numbers and dealer certification that old vehicle will be recycled
- Licensed motor vehicle dealer that certifies a vehicle will be recycled but fails to transfer it for recycling is subject to a $1,500 fine
Legislative Description
Tax Credit For Recycling An Old Vehicle
Last Action
House Committee on Finance Postpone Indefinitely
3/10/2022
Committee Referrals
Finance1/21/2022
Full Bill Text
No bill text available