DENVER — Colorado State Senator Vicki Marble (R-Fort Collins) took a step toward restoring fairness to Colorado’s income tax credits, while increasing funding for transportation, with the Senate Finance Committee's 3-2 approval of SB-188, which repeals the state income tax credit for “innovative vehicles.”
“I call this a repeal and repair bill because it repeals an overly generous electric and alternative vehicle tax subsidy for a handful of wealthy drivers and corporations and redirects those funds to Colorado’s roads and bridges that are in desperate need of repair,” said Marble.
Marble said during testimony that the current tax credit, which ranges from $5,000 to $20,000 per vehicle, is unfair to the rest of Colorado drivers who must pay the state gasoline tax and get no such subsidy for their vehicle purchases. Continuing such generous handouts to one tiny subset of motorists, at the expense of other Coloradans stuck driving over bridges and roads falling into disrepair due to a lack of public funding, serves as a case study in scrambled state priorities, according to Marble.
“If it’s true that electric cars are growing in popularity, and that the people who choose them are motivated by doing something good for the environment, there’s absolutely no reason why taxpayers should keep footing the bill for this.”
SB-188 next goes to the Senate Appropriations Committee for consideration.
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