Colorado Natural Gas-Vehicle Tax Break Applauded by Industry Group
An advocacy group that wants more natural-gas vehicles on the road is praising a bill passed in Colorado, which Gov. John Hickenlooper recently signed. It will extend tax breaks to people or businesses purchasing or leasing a natural-gas vehicle. The tax break ranges from $5,000 to $20,000 for the purchase, depending on whether it is a light-, medium- or heavy duty vehicle, and from $2,500 to $10,000 for leasing a natural-gas vehicle.
“This legislation will help continue the transition to cleaner, low-cost, domestic natural gas for fleets and consumers across Colorado," NGVAmerica President Matthew Godlewski said in a statement.
They bill also simplified the tax credit to allow buyers to claim it at the time of purchase. It also eliminates the need to calculate the incremental cost of the vehicle.
The bill takes effect Jan. 1.
