Colorado Gives Massive Tax Credit on Hybrids
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.
How does that translate into actual savings? It means that you could buy the north-of-$100,000 Tesla Roadster electric sports car for almost 40% off — potentially a $42,083 discount. That’s almost reasonable. Buy a 2009 Lexus LS 600h and you’ll catch a $20,000 break (starting MSRP: $106,035). The credit can also be used on lower-priced vehicles such as the Honda Insight and Toyota Prius.
The deal lasts through Dec. 31, which means green-car fans will have to figure out how to move to Colorado quickly.
Whoa! Colorado Residents Get $42G Refund on Tesla Roadster (New York Daily News)
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This is an unbelievable deal. There will be a lot of Teslas running around Colorado. It's a case of the rich get richer.
With most states going broke, how can this make any economic or fiscal sense for Colorado? The state will pay you to use less gas, the purchase of which (and taxation of) provides a significant source of state revenues.
If the Tesla's battery can withstand Colorado's harsh winter...