Federal + State tax credit??

[azzieo]

I was just wondering,.... if one is in Colorado, according to
http://go.ucsusa.org/hybridcenter/incentives.cfm#CO
he would get $3,285 income tax credit... And there's the federal tax credit...

Does that mean that, in Colorado, you can deduct $3,285 from your State taxes,
AND,
you can also deduct $3150 from your Federal taxes.


Thanks!

[azzieo]

no Colorado reps on the forums?

[ohgreys]

I'm not from Colorado but from reading the page you linked and the page linked off that page, it looks like you are correct.

[steved]

<div class='quotetop'>QUOTE(azzieo @ Aug 23 2006, 05:37 PM) [snapback]308532[/snapback]</div>

I was just wondering,.... if one is in Colorado, according to
http://go.ucsusa.org/hybridcenter/incentives.cfm#CO
he would get $3,285 income tax credit... And there's the federal tax credit...

Does that mean that, in Colorado, you can deduct $3,285 from your State taxes,
AND,
you can also deduct $3150 from your Federal taxes.
Thanks!
[/b]

Yes! We live in CO and the $6K+ combo (state and federal) of tax credits made buying the Prius an easy decision for us. I verified it with my accountant and he said we would be eligible for both full credits.

[azzieo]

<div class='quotetop'>QUOTE(steved @ Aug 24 2006, 01:16 PM) [snapback]308884[/snapback]</div>

Yes! We live in CO and the $6K+ combo (state and federal) of tax credits made buying the Prius an easy decision for us. I verified it with my accountant and he said we would be eligible for both full credits.
[/b]

Thanks for verifying that for me....
That's awesome! I'll have to move to Colorado now...

[4chi]

<div class='quotetop'>QUOTE(azzieo @ Aug 24 2006, 02:31 PM) [snapback]308899[/snapback]</div>

Thanks for verifying that for me....
That's awesome! I'll have to move to Colorado now...
[/b]

Yep, now if I can just get the car by Sept 30!

And semi-on-topic, one of the dealers I have an order with said to me yesteraday "as long as I have the VIN by Sept 30, you'll be all set."
"No," I replied, "I think I have to take delivery of the vehicle."
"Well, as long as I have the VIN 'they' won't know when you took delivery."
"Mmmmmm, oooookay..."

I have no confidence he has a clue what he is talking about. I want to be driving off the lot by Sept. 30 to ensure I get the full $6435 in credit that I can get.

[naterprius]

Just a correction, the tax benefit is a credit, not a deduction as stated in the original post, so it is like cash.

Nate

[Soylent]

Yes, it's not a deduction. They will be sending you a check

[highroute]

<div class='quotetop'>QUOTE(Soylent @ Aug 24 2006, 12:56 PM) [snapback]308959[/snapback]</div>

They will be sending you a check
[/b]

... or you will be sending the IRS a smaller check than you would have.

[Betelgeuse]

<div class='quotetop'>QUOTE(4chi @ Aug 24 2006, 03:00 PM) [snapback]308919[/snapback]</div>

Yep, now if I can just get the car by Sept 30!

And semi-on-topic, one of the dealers I have an order with said to me yesteraday "as long as I have the VIN by Sept 30, you'll be all set."
"No," I replied, "I think I have to take delivery of the vehicle."
"Well, as long as I have the VIN 'they' won't know when you took delivery."
"Mmmmmm, oooookay..."

I have no confidence he has a clue what he is talking about. I want to be driving off the lot by Sept. 30 to ensure I get the full $6435 in credit that I can get.
[/b]

Yes. YOU are correct (at least for the Federal credit; I don't know about the CO one). The car must be put into service before October 1. As far as I know, this can be verified by your sales documents, which should specify that date on which you took possession of the car. Now, I suppose that a dealer could back-date those documents, but I don't know that I'd want to buy a car from a dealer that would do that.