On February 13, 2012, Rep. Jonathan Singer and Sen. Brandon Shaffer introduced HB 12-1299 – Concerning the Specification that a Motor Vehicle Lessee Is Entitled to Claim the Innovative Motor Vehicle Tax Credit. This summary is published here courtesy of the Colorado Bar Association’s e-Legislative Report.
For income tax years commencing on or after January 1, 2012, the bill specifies that it is the motor vehicle lessee, not the lessor, that is entitled to claim the innovative motor vehicle tax credit. The bill has cleared both houses and now heads to the Governor’s desk for action.
Summaries of other featured bills can be found here.