Colorado state income tax credit is available for the qualifying purchase or lease of certain innovative motor vehicles and trucks. A purchaser or lessee may assign the allowable credit to a motor vehicle dealer or financing entity who accepts assignment of the credit. The purchaser or lessee and the assignee must complete and sign an election statement (form DR 0618) to assign the credit. Additionally, any motor vehicle dealer or financing entity that accepts assignment of the credit must electronically submit the information contained in the election statement to the Department on a quarterly basis. The electronic quarterly report is filed through Revenue Online with the Approved File Format for Electronic Submissions.
