NOTE: The governor signed this measure on 4/12/2012.
      
      
      HOUSE BILL 12-1299
      
      
      BY REPRESENTATIVE(S) Singer, Fields, Fischer, Holbert, Jones,
      Kefalas, Labuda, Tyler, Vigil, Wilson;
      also SENATOR(S) Shaffer B., Aguilar.
      
      
      Concerning the specification that a motor vehicle lessee is
           entitled to claim the innovative motor vehicle tax credit.
      
      
      Be it enacted by the General Assembly of the State of Colorado:
      
           SECTION 1.  In Colorado Revised Statutes, 39-22-516.5, amend
      (1) (a), (2) (a) introductory portion, (2) (b), (3) (a), (3) (d), and (3) (e) (II);
      and add (2) (c) as follows:
      
           39-22-516.5.  Tax credit for innovative motor vehicles - repeal.
      (1)  As used in this section, unless the context otherwise requires:
      
           (a)  "Actual cost incurred" means the actual cost paid by the
      purchaser or lessee for the vehicle, conversion, or idling reduction
      technologies. The actual cost paid shall be calculated as the net of any
      credits, grants, or rebates, including federal credits, grants, or rebates for
      which the purchaser or lessee is eligible, but excluding the credit specified
      in this section.
      
           (2) (a)  With respect to the tax years commencing on January 1,
      2012, but prior to January 1, 2016, there shall be allowed to any person a
      credit against the tax imposed by this article, not to exceed six thousand
      dollars, for each motor vehicle owned purchased or leased by such
      person that:
      
           (b)  With respect to the tax years commencing on January 1, 2012,
      but prior to January 1, 2016, there shall be allowed to any person a credit
      against the tax imposed by this article, not to exceed seven thousand five
      hundred dollars, for each motor vehicle owned purchased or leased by
      such person that is converted to a plug-in hybrid electric vehicle.
      
           (c)  If a motor vehicle is leased, the lessee, not the lessor, is
      allowed to claim the credit allowed pursuant to this section.
      
           (3)  The amount of the credit allowed pursuant to this section shall
      be an amount equal to the percentage, as set forth in subsection (4) of this
      section, of the following:
      
           (a)  The difference between the actual cost incurred by such person
      during the tax year in purchasing or leasing a motor vehicle that uses an
      alternative fuel and the cost of the same motor vehicle that uses a traditional
      fuel or, if the same vehicle is not available, then the cost of the most similar
      vehicle, taking into account the model, make, engine size, and options, that
      uses a traditional fuel;
      
           (d)  The actual cost incurred by such person in purchasing or
      leasing idling reduction technologies; or
      
           (e) (II)  Persons who claimed a tax credit in previous years for the
      purchase or lease of model year 2004 and newer hybrid vehicles are
      eligible to claim an additional credit for the conversion of such a hybrid
      vehicle to a plug-in hybrid electric vehicle.
      
           SECTION 2.  Safety clause. The general assembly hereby finds,
      determines, and declares that this act is necessary for the immediate
      preservation of the public peace, health, and safety.
      
      
      
      
      ________________________________________________________
      Frank McNulty                      Brandon C. Shaffer
      SPEAKER OF THE HOUSE                     PRESIDENT OF
      OF REPRESENTATIVES                         THE SENATE
      
      
      
      
      
      
      ____________________________  ____________________________
      Marilyn Eddins                      Cindi L. Markwell
      CHIEF CLERK OF THE HOUSE                 SECRETARY OF
      OF REPRESENTATIVES                         THE SENATE
      
      
      
      
                  APPROVED________________________________________
      
      
      
      
      
                                    _________________________________________
                                    John W. Hickenlooper
                                    GOVERNOR OF THE STATE OF COLORADO