Tax Credit for Chevy Volt revived in Colorado
WHEAT RIDGE, Colo., May 30, 2013 /PRNewswire-iReach/ -- Medved Autoplex is wonderfully pleased to announce the reinstatement of a State of Colorado income tax credit that can be applied toward the purchase of a Chevrolet Volt. The original tax credit was rescinded in December 2012 by the Colorado Department of Revenue and Medved Autoplex owner, John Medved was among the first to start the campaign by reaching out to his contacts with the Colorado Automobile Dealers Association as well as those within the Colorado Department of Revenue. On May 15, Governor John Hickenlooper signed the Innovative Motor Vehicle Income Tax Credit back into law.
The Innovative Motor Vehicle Income Tax Credit, also known as Colorado House Bill 13-1247 was sponsored in the state House of Representatives by Rep. Crisanta Duran (D-District 5) and by State Senator Michael Johnston (D-District 33). Medved Autoplex would also like to thank Rep. Duran and Sen. Johnston for their work in helping the people of Colorado by making the Chevrolet Volt available near Denver at Medved Autoplex, more affordable and for their commitment to furthering of green, environmentally-friendly technology in Colorado.
Under the law, the Chevrolet Volt was officially classified as a Category 1 Vehicle and as it applies to the Innovative Motor Vehicle Income Tax Credit that means "an electric motor vehicle and a plug-in hybrid electric motor vehicle." The amount of the rebate a person would be eligible to receive is based on a calculation that takes into account the vehicle's batter capacity, in kilowatt-hours.
To take full advantage of the Innovative Motor Vehicle Income Tax Credit, Medved Autoplex is requesting that people take the paperwork that can easily be started by the finance department at the dealership to their usual tax preparer or licensed accountant to be able to take home all the money coming to them under the program.
Under the new law those who purchase or lease the Chevy Volt will be eligible for up to $6,000 in tax relief. It is also important to note that this rebate is refundable. There is also $7,500 in federal tax incentives available on the Chevy Volt, for purchase only, not for a lease agreement. Again, it is important to point out that the finance department at Medved Autoplex can only begin the paperwork for taking advantage of these tax credits. Customers still must consult their usual licensed tax professional for the precise tax implications they might have.
Chevrolet Volt is available at the Medved Wheat Ridge location which can be found at 11001 West I-70 Frontage Road North, Wheat Ridge, CO 80033. To set up an appointment to view the Chevy Volt and to get preliminary information about the available tax credits, interested parties should call (303) 421-0100. The entire Medved Autoplex inventory can be viewed online at www.medved.com.
Media Contact: Whitney Medved, Medved Autoplex, (303) 421-0100, firstname.lastname@example.org
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SOURCE Medved Autoplex