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Code of Colorado Regulations eDocket
Details of Tracking Number
2017-00146
CCR details
| Tracking Number |
2017-00146 |
| Type of Filing |
Permanent Rule |
| Department |
200 Department of Revenue |
| Agency |
201 Taxation Division |
| CCR Number |
1 CCR 201-2 |
| CCR Title |
INCOME TAX |
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Proposed rule
| Notice Filed with SOS |
04/12/2017 |
| Rule |
ProposedRuleAttach2017-00146.doc |
| Additional Information |
AddInfoAttach2017-00146.doc |
| Statutory Authority |
The statutory basis for this rule is § 39-21-112(1), C.R.S., § 39-22-516.7 and §39-22-516.8, C.R.S. |
| Description of Subjects/Issues |
The purpose of this rule is to provide clarification regarding the innovative motor vehicle and innovative truck credits, the conditions necessary to qualify for the credit, and the process for assigning the credit. The rule also prescribes the date of purchase, lease, or modification for the purpose of both claiming and assigning the credit; clarifies titling and registration requirements for qualifying vehicles, trailers, and devices; clarifies the allowance of the credit in the case of multiple purchasers, lessors, or owners of the same qualifying vehicle, truck, or trailer; and distinguishes “original equipment manufacturer” from “conversion” in part by reference to regulations promulgated by the Environmental Protection Agency. Additionally, the rule prescribes, in the case of the early termination of the lease, the recapture of credits for leased trailers because the credit is initially calculated based upon the full contracted lease amount which would not, in the case of early termination, be fully paid. No similar recapture applies to purchases or leases of motor vehicles or trucks because the allowable credits for such motor vehicles and trucks are not determined by the cost incurred in the purchase or lease. |
| Purpose/Objective of Rule |
See attachment |
| Basis And Purpose |
BasisAndPurposeAttachment2017-00146.doc
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| Submitted in response to issues raised by COLS/OLLS? |
No
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| Is this rule adopted in response to recent legislation? |
No
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| Hearing Date |
05/17/2017 |
| Hearing Time |
09:00 AM |
| Hearing Location |
1375 Sherman Rm 127 |
| Contact Name |
Phil Horwitz |
| Contact Title |
Director, Tax Policy Analysis |
| Contact Telephone |
303.205.8422 |
| Contact email |
phillip.horwitz@state.co.us |
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Adopted rule
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