SB 18-047

Senate Bill 18-047, which has been signed into law, removes tax credits that were available for people who bought or leased innovative vehicles and trucks starting from January 1, 2019. This means that individuals will no longer receive income tax reductions when purchasing or leasing these types of vehicles after this date. The state government is also required to put the money saved from not giving out these tax credits into a fund used for maintaining roads and highways over the next few years. This bill affects anyone who was planning to buy or lease an innovative vehicle or truck and expected to receive tax benefits as part of their decision.

Official Summary

The bill repeals the income tax credits for innovative motor vehicles and innovative trucks for purchase and leases entered into on or after January 1, 2019. For the 2018-19 state fiscal year and each fiscal year thereafter through the 2020-21 state fiscal year, the bill requires the state controller to credit an amount of tax revenue estimated to be retained by the repeal of the income tax credits to the highway users tax fund. (Note: This summary applies to the reengrossed version of this bill as introduced in the second house.) Read More

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