Colorado Innovative Motor Vehicle Credit
Extracted from PDF file 2023-colorado-form-dr-0617.pdf, last modified June 2018
Innovative Motor Vehicle CreditDR 0617 (09/01/23) COLORADO DEPARTMENT OF REVENUE Tax.Colorado.gov *DO=NOT=SEND* Innovative Motor Vehicle Credit and Innovative Truck Credit Tax Year 2023 Instructions Use this form to calculate the innovative motor vehicle and innovative truck credit available for the purchase or lease of a qualifying motor vehicle or truck. You must complete a separate DR 0617 for each qualifying motor vehicle or truck for which you are claiming a credit. Credits are allowed only for purchases or leases of new qualifying motor vehicles and trucks. Used motor vehicles and trucks do not qualify for the credit. Prior to completing this form, please review Department publications Income Tax Topics: Innovative Motor Vehicle Credit and Income Tax Topics: Innovative Truck Credit, both of which are available online at Tax.Colorado.gov/current-guidance-publications . You must submit the completed form DR 0617, along with copies of the vehicle registration and vehicle invoice, purchase agreement, or lease agreement with the income tax form (DR 0104, DR 0112, etc.) on which you are claiming the credit. Ensure that you are using the correct form for your tax year. Forms and guidance publications for credits that were available in previous tax years are available online at Tax.Colorado.gov. Taxpayer Information Enter your name and account number (social security number (SSN), individual taxpayer identification number (ITIN), federal employer identification number (FEIN), or Colorado account number). Check the applicable box to indicate whether you are a financing entity claiming a credit assigned to you by the purchaser or lessee. A financing entity must include a copy of the signed election statement (DR 0618) for each purchaser or lessee and a DR 0617 for each qualifying motor vehicle or truck with their return. Check the applicable box to indicate whether you are a transportation network company (TNC), a third-party vehicle supplier contracting with a TNC, or a financing entity to which a credit was assigned by a TNC or TNC contractor. If you checked yes, please provide the TNC’s Public Utilities Commission (PUC) number. Information about TNCs is available on the PUC’s website at PUC.Colorado.gov/tnc . TNCs use a digital network to connect riders to drivers for the purpose of providing transportation. Motor Vehicle or Truck Information Note: If all information is not completed under the section for Motor Vehicle or Truck Information, there will be delays in processing your return and your credit may be denied. For trucks, the gross vehicle weight rating (GVWR) is required in order to determine the allowable credit. Lines 1-4. Enter the make, model, model year, and vehicle identification number (VIN) to identify the motor vehicle or truck for which the credit is being claimed. Enter the complete and full manufacturer’s name of the vehicle make and model (for example, “Chevrolet” instead of “Chevy” or “Volkswagen” instead of “VW”.) If multiple vehicles are eligible during this tax year, you must complete a separate DR 0617 for each purchased or leased qualifying motor vehicle or truck. Line 5. Enter the manufacturer’s suggested retail price (MSRP). No credit is allowed for any motor vehicle with an MSRP over $80,000 that is purchased or leased on or after July 1, 2023. This limitation does not apply to qualifying trucks or light-duty passenger vehicles with a GVWR over 8,500 lbs. that qualify for the innovative truck credit. Line 6. Enter the gross vehicle weight rating (GVWR) for the qualifying motor vehicle or truck. A motor vehicle’s or truck’s GVWR is the value specified by the manufacturer as the maximum loaded weight of a single or a combination (articulated) vehicle, or its registered gross weight, whichever is greater. The GVWR of a combination (articulated) vehicle, commonly referred to as the “gross combination weight rating” or “GCWR” is the GVWR of the power unit plus the GVWR of any towed unit.” Line 7. Vehicle Type. Indicate the type of motor vehicle or truck for which a credit is being claimed. You may only mark one checkbox per form. For additional information about vehicle types, please see Department publications Income Tax Topics: Innovative Motor Vehicle Credit and Income Tax Topics: Innovative Truck Credit, both of which are available online at Tax.Colorado.gov/current-guidance-publications . • Electric Motor Vehicles are electric or plug-in hybrid electric motor vehicles with a GVWR of 8,500 lbs. or less. • Light-Duty Passenger Motor Vehicles are electric and plug-in hybrid electric vehicles with a GVWR over 8,500 lbs., including vans, capable of seating twelve passengers or less, but excluding motor homes and motor vehicles designed to travel on three or fewer wheels in contact with the ground. *DO=NOT=SEND* DR 0617 (09/01/23) COLORADO DEPARTMENT OF REVENUE Tax.Colorado.gov • Light-Duty Electric Trucks (for commercial vehicles only) are electric and plug-in hybrid electric trucks with a GVWR more than 8,500 lbs. but less than or equal to 10,000 lbs. Do not check this box for any light-duty passenger motor vehicle. • Medium-Duty Electric Trucks are electric and plug-in hybrid electric trucks with a GVWR greater than 10,000 lbs. but less than or equal to 26,000 lbs. • Heavy-Duty Electric Trucks are electric and plug-in hybrid electric trucks with a GVWR greater than 26,000 lbs. Line 8. Enter the date (mm/dd/yyyy) the qualifying motor vehicle or truck was purchased or leased. If you took possession of the motor vehicle or truck on a different date than you entered into an agreement to purchase or lease the motor vehicle or truck, enter the date on which you took possession of the motor vehicle or truck. Line 9. Check the applicable box to indicate whether the qualifying motor vehicle or truck was purchased, leased, or leased by a transportation network company or a thirdparty supplier. A lease must be for a term of at least two years to qualify for the credit. You may only mark one check box on line 9. Line 10. Use Table 1 to determine the amount of your credit and enter the corresponding dollar amount on line 10. Transfer this amount to the appropriate income tax form where requested. Note: For transportation network companies only. If you acquired the category 1 vehicle under a long-term lease with a duration of not less than two years and if the vehicle is offered to transportation network company drivers for short-term rental periods of not more than sixty days, for purposes of the credit use the “Vehicle Purchase” amount in Table 1. Table 1. Credit Values for Purchase or Lease of a Qualifying Motor Vehicle or Truck Select and enter the correct amount from this table on line 10 of the form. Credit Amount: Vehicle Category Vehicle Type Gross Vehicle Weight Rating (GVWR) Purchase Electric Vehicle or Plug-in Hybrid 1 Electric Vehicle (purchased or 8,500 pounds or less $2,000 leased prior to July 1) Electric Vehicle or Plug-in Hybrid Electric Vehicle with an MSRP 1 8,500 pounds or less $5,000 of $80,000 or less (purchased or leased on or after July 1) 7 Electric Truck or Plug-in Hybrid Electric Truck Vehicle Lease $1,500 $5,000 Light-Duty Passenger Motor Vehicles with GVWR greater than 8,500 lbs. $2,000 $1,500 Light-Duty Truck (for commercial vehicles only) (8,501 – 10,000 lbs. GVWR) $2,800 $1,750 Medium-Duty Trucks (10,001 – 26,000 lbs. GVWR) $4,000 $2,500 Heavy-Duty Trucks (greater than 26,000 lbs. GVWR) $8,000 $5,000 * Please visit our website and review sections 39-22-516.7 and 39-22-516.8, C.R.S. for complete definitions of the vehicle categories listed in the table. *230617==19999* DR 0617 (09/01/23) COLORADO DEPARTMENT OF REVENUE Tax.Colorado.gov Page 1 of 2 Innovative Motor Vehicle and Truck Credits Tax Year 2023 Last Name or Business Name SSN or ITIN First Name Middle Initial FEIN Colorado Account Number Are you a financing entity claiming a credit assigned to you by the purchaser or lessee? Yes No Are you a transportation network company (TNC), a third-party vehicle supplier contracting with a TNC, or a financing entity to which a credit was assigned by a TNC or TNC contractor? Yes No If you answered yes to the transportation network company question, enter the PUC license number of the TNC in this box. Motor Vehicle or Truck Information 1. Vehicle or Truck Model Year 1 2. Vehicle or Truck Make 2 3. Vehicle or Truck Model 3 4. Vehicle Identification Number (VIN) 4 5. Manufacturer’s Suggested Retail Price (MSRP) 5 6. Vehicle or Truck Gross Vehicle Weight Rating (GVWR) 6 DR 0617 (09/01/23) COLORADO DEPARTMENT OF REVENUE Tax.Colorado.gov Page 2 of 2 *230617==29999* Name Account Number 7. Qualifying Vehicle Type: Electric Motor Vehicle Light-Duty Passenger Motor Vehicles Light-Duty Electric Trucks (for commercial vehicles only) Medium-Duty Electric Truck Heavy-Duty Electric Truck 8. Date of purchase or lease (mm/dd/yyyy): 9. Check box for the type of credit claimed: a. Purchased b. Leased 8 c. Long-term lease by a transportation network company or third-party vehicle supplier contracting with a transportation network company 10. Use Table 1 to determine the amount of your credit and enter the corresponding dollar amount on line 10 10 You must include this credit schedule for each vehicle or credit with your return. 00
DR 0617 2023 Innovative Motor Vehicle and Truck Credits Tax Year
More about the Colorado Form DR 0617 Corporate Income Tax Tax Credit TY 2023
Use this form to calculate the innovative motor vehicle and innovative truck credit available for the purchase, lease, or conversion of a qualifying motor vehicle (including an electric vehicle like a Tesla). Please visit Colorado.gov/Tax prior to completing this form to review our publications about these credits.
We last updated the Innovative Motor Vehicle Credit in January 2024, so this is the latest version of Form DR 0617, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form DR 0617 directly from TaxFormFinder. You can print other Colorado tax forms here.
Other Colorado Corporate Income Tax Forms:
|Form DR 0074
|Enterprise Zone Pre-Certification for Business
|Form DR 0617
|Innovative Motor Vehicle Credit
|Form DR 0077
|Enterprise Zone Certification - Research/Development Expenditures
|Partnership / S-Corporation Pass-Through Entities Tax Booklet
|Estimated Corporation Coupon/Voucher
Colorado usually releases forms for the current tax year between January and April. We last updated Colorado Form DR 0617 from the Department of Revenue in January 2024.
Form DR 0617 is a Colorado Corporate Income Tax form. States often have dozens of even hundreds of various tax credits, which, unlike deductions, provide a dollar-for-dollar reduction of tax liability. Some common tax credits apply to many taxpayers, while others only apply to extremely specific situations. In most cases, you will have to provide evidence to show that you are eligible for the tax credit, and calculate the amount of the credit to which you are entitled.
About the Corporate Income Tax
The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.
Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).
Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.
Historical Past-Year Versions of Colorado Form DR 0617
We have a total of eleven past-year versions of Form DR 0617 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
DR 0617 2023 Innovative Motor Vehicle and Truck Credits Tax Year
DR 0617, Innovative Motor Vehicle and Truck Credits Tax Year 2022
While we do our best to keep our list of Colorado Income Tax Forms up to date and complete, we cannot be held liable for errors or omissions. Is the form on this page out-of-date or not working? Please let us know and we will fix it ASAP.