George S. May Business Blog

Colorado residents get a HUGE tax break on “green” cars”

Green-conscious Colorado residents have been presented with a pretty nice opportunity to save tax money.

A new tax break in Colorado will give state residents a credit on their 2009 income taxes for up to 85% of the difference between the cost of an alternative fuel or hybrid vehicle and a comparable one that runs on regular fuel, according to Fox News.

Here is an example:

You buy a brand new Lexus LS 600h at the sticker price (shame on you by the way). Nonetheless, you buy the car for, in the neighborhood of, $106K. Live in Colorado? You’ll be getting somewhere around a $20K break! If you ask me, that is a spectacular deal. Unfortunately, the deal only lasts through Dec. 31, so if you aren’t already living in CO, good luck getting the break.

The full details for the program can be found here

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