Colorado PHEV Federal Tax Credit

Earning Your Electric Vehicle (EV) State and Federal Tax Credits at Skyline Mitsubishi

Hybrid cars, plug-in hybrid electric vehicles (PHEVs), and electric vehicles (EVs) are rapidly becoming the way of the future. The Environmental Protection Agency (EPA) and the state of Colorado want to help reward shoppers who switch to EVs and PHEVs, which not only save fuel, they offer low to no hydrocarbon emissions. You can apply for the EV Federal Tax Credit as well as the Colorado Electric Vehicle Tax Credit and see how much you will save during tax season this year. Here at Skyline Mitsubishi, we currently offer one new car that qualifies for both state and federal tax credits: the new Mitsubishi Outlander PHEV.

Contact our dealership today to learn more about this new plug-in hybrid option and the tax bonuses you can enjoy in the Thornton, CO area. Skyline Mitsubishi is less than 15 minutes outside of Westminster, CO.

What is the EV Federal Tax Credit?

The EV Federal Tax credit is a discount given to customers, who drive a PHEV or EV, on their tax bill. The Federal Tax credit is worth up to $7,500, so depending on your tax bill this year, you might be pleasantly surprised at how much you can save. For example, if you purchased an EV this year and your federal tax bill comes out to $5,500, the Federal EV Credit reduces your tax liability to $0. The extra $2,000 from the remaining balance of the tax credit does not just disappear, it's rolled over, so you save that amount on the following year's taxes as well.

Aside from the EV Federal Tax Credit, there are a number of other monetary benefits that Denver, CO drivers can find from driving a PHEV or EV, including:

  • Lower cost of ownership- fewer or no fuel costs/electric power cheaper
  • Lower service bill- EVs use 15 percent fewer parts, with no fuel delivery systems
  • Usage of HOV lanes- certain states often allow PHEV or EV drivers into carpool lanes, even if they drive alone
  • Easy at-home charging and over a dozen charging stations available throughout the Denver/Westminster areas

What is the Colorado Electric Vehicle Tax Credit?

Colorado residents can claim an additional $5,000 discount on their state taxes for buying an EV or PHEV. However, if the credit exceeds the value of your tax bill, then you receive the difference back as a refund. Thus, if your state taxes add up to $3,500, you will receive an additional $1,500 on your tax return for that year. Ultimately, this credit can save you up to 40 percent or more on the purchase or a new Mitsubishi Outlander PHEV.

In the state of Colorado, a PHEV or EV like the Mitsubishi Outlander PHEV will make it easier to pass biennial emissions tests required for the Colorado Department of Transportation. Residents of Boulder, Broomfield, Denver, Douglas, and Jefferson Counties require routine emissions tests for all cars annually, though EVs are generally exempt as they produce zero emissions. Certain parts of Adams, Arapahoe, Larimer, and Weld, CO counties also require emissions testing, so contact the Department of Transportation to ask if your car will require an inspection.

Find Your Mitsubishi PHEV Today

As of now, the Mitsubishi Outlander PHEV is the leading hybrid from this brand. If you live in the Denver County area, you will find dozens of ChargePoint and EVgo charging stations all throughout the area as well as in surrounding towns like Denver or Broomfield, CO. We invite you to shop for a new Mitsubishi today and find out how you can take advantage of state and local tax bonuses for driving a plug-in hybrid. Contract us for a test drive and visit Skyline Mitsubishi at 2040 W 104th Ave in Thornton, CO and conveniently less than 25 minutes outside of Arvada, CO.

We look forward to working with you!

  1. SKYLINE MITSUBISHI

    2040 W. 104TH AVE.
    THORNTON, CO 80234

    • Sales: (303) 465-5512
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  • Contact our Sales Department at: (303) 465-5512
  • Monday9:00AM - 8:30PM
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