I think Harrkev is probably right. That article is not clear & therefore could lead you to believe you'd get a $42K rebate or "tax credit" from CO on the Tesla vehicle. Again I am no tax expert either. But my instinct tells me the same thing -- you'd need at least a $42K CO state tax owed before this credit would get you $42K. If your state tax liablility was say $6K -- then you'd get up to $6K. Just IMO. Draw your own conclusions.
If the credit allowed exceeds the net tax liability for that year, any excess credit may be carried forward and claimed on future year returns for up to five years until the credit is fully utilized.
So anyone with state tax liabilities of $8,500 could use the full amount spread over five years
...and to get to those liabilities change you number of dependents to 15-20 for five years!!! ...or would that only work if it was federal? No state filing required where I live so not sure what state filings look like.
f4tw4llet said: From the link
If the credit allowed exceeds the net tax liability for that year, any excess credit may be carried forward and claimed on future year returns for up to five years until the credit is fully utilized.
So anyone with state tax liabilities of $8,500 could use the full amount spread over five years
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