HB16-1332 - Alternative Fuel Motor Vehicle Income Tax Credits

Passed/Signed into Law
Concerning Modifications To The Income Tax Credits For Alternative Fuel Motor Vehicles, And, In Connection Therewith, Fixing Specified Dollar Amounts For The Credits, Allowing The Credit To Be Assigned To A Financing Entity, And Requiring Vehicle Identification Number Tracking Of The Motor Vehicle For Which A Credit Is Claimed.

The bill makes changes to 2 income tax credits available to taxpayers who purchase alternative fuel motor vehicles and trucks. The bill:

  • Fixes a specified dollar amount for the income tax credits for motor vehicles and trucks instead of requiring the taxpayer to calculate the income tax credit using formulas based on a specified percentage of the actual cost incurred or battery size;
  • Distinguishes between purchases and leases of a motor vehicle or truck in fixing the values of the income tax credits;
  • Requires a lessee to enter into a lease with a term of not less than 2 years to qualify for the income tax credit on or after January 1, 2017;
  • Removes the income tax credit for the purchase or lease of light duty passenger motor vehicle diesel-electric hybrids and light duty passenger motor vehicle, light duty, truck, and medium duty truck diesel-electric hybrid conversions;
  • Makes all used motor vehicles and trucks ineligible for the credits;
  • Allows a taxpayer to assign the income tax credit to a financing entity and thus forfeit the right to claim the tax credit on the taxpayer's tax return in exchange for the full nominal value of the income tax credit, minus an administrative fee not to exceed $150;
  • Requires the taxpayer claiming an income tax credit on or after January 1, 2017, to provide the department of revenue with the motor vehicle's or truck's vehicle identification number; and
  • Requires the department of revenue to commence tracking the vehicle identification number of the motor vehicle or truck for which a credit is claimed.
Latest update: June 6, 2016
06/06/2016 Governor Signed
05/20/2016 Sent to the Governor
05/20/2016 Signed by the Speaker of the House
05/17/2016 Signed by the President of the Senate
05/04/2016 Senate Third Reading Passed - No Amendments
05/03/2016 Senate Second Reading Special Order - Passed - No Amendments
05/03/2016 Senate Committee on Appropriations Refer Unamended - Consent Calendar to Senate Committee of the Whole
04/28/2016 Senate Committee on Finance Refer Unamended to Appropriations
04/25/2016 Introduced In Senate - Assigned to Finance + Appropriations
04/25/2016 House Third Reading Passed - No Amendments
04/22/2016 House Second Reading Special Order - Passed with Amendments - Committee
04/22/2016 House Committee on Appropriations Refer Amended to House Committee of the Whole
04/13/2016 House Committee on Finance Refer Amended to Appropriations
03/02/2016 Introduced In House - Assigned to Finance