2014 Chevy Volt

2014 Chevy Volt

For the second consecutive year, General Motors will donate a Chevy Volt to the non-profit Colorado Conservation Trust.

Usually, an automaker donating a vehicle isn't of interest to us (it happens all the time actually), but Colorado Conservation Trust is deserving, so we'll highlight the Trust here.

Colorado Conservation Trust will auction of the Volt as part of its "Q for Conservation" event, which has generated over $1.5 million for conservation projects statewide over the last 7 years.

So, the Volt was donated to a worthy cause and this post allows us to once again mention that residents of Colorado are lucky in that some are eligible for the state's $6,000 plug-in vehicle tax credit.  When combined with the federal government's $7,500 credit, Colorado residents can realize a $13,5000 savings when filing their tax returns.

Colorado's tax credit system is a bit tricky, but here's how it works (note: the Chevy Volt does qualify for $6,000 in state credits, but the Nissan LEAF does not):

STATE OF COLORADO

1. HB 13-1247 restructured the method for determining electric vehicle tax credits in Colorado, but it also extended these credits through the year 2022. The new formula is very simple for calculating the credit amount you would receive for your electric vehicle, and is as follows:

(Purchase or lease price) X (battery capacity in kWh)  = State credit amount

100

Nissan Leaf Example:

$21,300 (base price of Leaf after $7,500 federal credit) X 24kWh = $5,112 Credit

100