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Legislation expanding Colorado’s tax incentives for electric vehicles could mean over $99 million less in revenue for the state’s general fund at a time when Democratic lawmakers are looking for ways to raise tax revenue.
The current electric vehicle tax credits offered for purchase or lease of electric or hybrid vehicles is scheduled to be reduced, then phased out by 2022. House Bill 1159 would increase the tax credits offered for 2021, the last year the credits are offered under current law, and extend the credits through 2025.
Tax - Credits - HB - State - Fund
But the tax credits offered in HB 1159 would mean the state’s general fund loses out on $99.2 million in revenue, according to the estimate in the bill’s fiscal note.
The fiscal note, prepared by the nonpartisan Legislative Council Staff, estimates the credits offered through the bill will average more than $4,500 in 2021 and 2022 and more than $2,800 in 2023 through 2025.
Independence - Institute - Legislation - Blog - Post
The Independence Institute called the legislation "fiscally irresponsible" in a blog post, considering that Democrats in the state are looking for ways to raise tax revenue to fund several policy proposals.
Colorado Democrats have proposed overhauling oil and gas regulations in the state, a move that opponents say would hurt one of the state’s top industries...
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