Electric Vehicle (EV) Tax Credit

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Qualified EVs titled and registered in Colorado are eligible for a tax credit. Light-duty EVs purchased or leased before January 1, 2026, are eligible for a tax credit equal to the amounts below, per calendar year:

Category 2022 2023-2025
Light-duty EV $2,500 for purchase; $1,500 for lease $2,000 for purchase; $1,500 for lease
Light-duty electric truck 3,500 for purchase; $1,750 for lease $2,800 for purchase; $1,750 for lease
Medium-duty electric truck $5,000 for purchase; $2,500 for lease $4,000 for purchase; $2,500 for lease
Heavy-duty electric truck $10,000 for purchase; $5,000 for lease $8,000 for purchase; $5,000 for lease

The credit amount for any qualifying truck is limited to the difference in manufacturer’s suggested retail price between the qualifying truck and a comparable truck that operates on either gasoline or diesel fuel.

Eligible purchased vehicles must be new, and eligible leased vehicles must have a lease term of not less than two years. A purchaser may assign the tax credit generated through the purchase or lease to any of the above categories of vehicle to the financing entity, allowing the purchaser to realize the value of the tax credit at the time of purchase or lease. The financing entity may collect an administrative fee of no more than $150.

For more information, see the Colorado Department of Revenue’s Income 69 FYI publication.

(Reference Colorado Revised Statutes 39-22-516.5, 39-22-516.7, and 39-22-516.8)