"With the federal tax credit gone, the state is now offering up to $9,000 off of an EV for low-income buyers with the trade-in of an existing vehicle. If you don't qualify for the vehicle exchange program, you can still take advantage of the state's $3,500 EV incentive. California has long led the U.S. in electric vehicle adoption. But if you've been following the EV market for long, you know that it's no longer the best place to get EV deals."
"The state announced on Thursday that it will bump its own vehicle exchange program incentive from $6,000 to $9,000 on November 3. The state's used vehicle credit is going up, too, from $4,000 to $6,000. Since the tax credit from the federal government only offered $7,500 for new cars (with onerous eligibility requirements for the car itself) and $4,000 for used vehicles, qualifying Colorado residents will be getting more cash back than most of us did during the height of the federal program."
"Those who do not qualify for the $9,000 incentive can still take advantage of Colorado's $3,500 EV tax credit. That credit is unchanged and can be applied to a new EV lease or purchase. It's not all good news, though. This program has stricter income limits than the federal program, and requires you to trade in an old, high-polluting vehicle. Applicants cannot make more than 80% of the median income in their county."
Colorado expanded electric vehicle incentives after the federal tax credit ended. The vehicle exchange program incentive will increase from $6,000 to $9,000 on November 3, and the used vehicle credit will rise from $4,000 to $6,000. Residents who do not qualify for the exchange program can still claim a $3,500 EV tax credit for a new lease or purchase. The enhanced incentives target low-income buyers who trade in high-polluting vehicles. Eligibility requires household income no greater than 80% of county median income. The state provides a table to check county income limits.
Read at insideevs.com
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