HB 23-1251 Summary

• Repeals definitions for "Category 2" (diesel-electric hybrids with 70+ mpg) and "Category 3" (diesel-electric hybrid conversions with 40%+ fuel economy increase) from the innovative motor vehicle tax credit statute.

• Eliminates the tax credit provision allowing up to $6,000 for purchases, leases, or conversions of Category 2 or Category 3 motor vehicles for tax years 2013-2017.

• Repeals the definition of "Colorado company, limited liability company, or partnership" from the net capital gains tax modification statute.

• Completely repeals section 39-22-530 in its entirety.

• Removes language from sales tax refund provisions relating to independent contractor purchases of tangible personal property incorporated into realty before July 1, 1979.

• Takes effect 90 days after final adjournment, unless a referendum petition is filed, in which case it requires voter approval at the November 2024 general election.