DR 0617: Innovative Motor Vehicle Credit & Innovative Truck Credit (2024)
Colorado · Colorado DOR · Used for tax years 2024
Colorado Form DR 0617 calculates the 2024 innovative motor vehicle or innovative truck credit for a qualifying vehicle you purchased or leased. It records vehicle details, purchase or lease information, and the credit amount to transfer to your income tax form.
Who files this form
Use Colorado DR 0617 to calculate and claim the 2024 innovative motor vehicle or innovative truck credit for a qualifying vehicle you purchased or leased. Complete a separate form for each qualifying vehicle.
- Only new qualifying vehicles are eligible. Used vehicles do not qualify.
- A lease must last at least two years.
- If you assigned the credit to a motor vehicle dealer or financing entity, do not complete DR 0617. You cannot claim a credit you assigned.
- Dealers and financing entities claiming assigned credits must use DR 0619 instead. Starting with tax year 2024, they no longer need DR 0617 for assigned credits.
What you'll need
Submit these with the income tax return on which you claim the credit:
- A completed DR 0617 for each qualifying vehicle.
- A copy of the vehicle registration.
- A copy of the vehicle invoice, purchase agreement, or lease agreement.
To complete DR 0617, have your name and account number ready, such as your SSN, ITIN, FEIN, or Colorado account number. You also need the vehicle's model year, full make and model names, VIN, manufacturer's suggested retail price (MSRP), gross vehicle weight rating (GVWR), vehicle type, and purchase or lease date.
How to file
- Review the Department's Income Tax Topics: Innovative Motor Vehicle Credit and Income Tax Topics: Innovative Truck Credit publications at Tax.Colorado.gov/current-guidance-publications.
- Complete a separate 2024 DR 0617 for each qualifying vehicle. Enter your taxpayer information and all vehicle information.
- Select one vehicle type on line 7 and either purchased or leased on line 9.
- Use Table 1 to find your credit amount and enter it on line 10. Transfer that amount to the appropriate income tax form where requested.
- Submit DR 0617 and the required document copies with the income tax return claiming the credit, such as DR 0104 or DR 0112.
The supplied text does not give a mailing address or e-filing instructions.
Common mistakes
- Using the wrong tax-year form. Make sure you use the 2024 version for tax year 2024.
- Leaving vehicle information blank. Missing information will delay processing and may result in denial of the credit. A truck's GVWR is required to determine its credit.
- Abbreviating the vehicle make or model. Use the full manufacturer's names, such as “Chevrolet” rather than “Chevy.”
- Putting multiple vehicles on one form. Complete a separate DR 0617 for each qualifying vehicle.
- Checking multiple boxes. Select only one vehicle type on line 7 and one purchase-or-lease box on line 9. Do not select light-duty electric truck for a light-duty passenger motor vehicle.
- Using the agreement date when possession began on a different date. In that case, enter the date you took possession on line 8.
- Claiming an assigned credit. Do not complete this form or claim the credit if you assigned it to a dealer or financing entity.
- Omitting attachments. Include the credit schedule for each vehicle, a registration copy, and a copy of the invoice, purchase agreement, or lease agreement with your return.
Questions people ask
Can I claim the credit for a used vehicle?
No. Only purchases or leases of new qualifying motor vehicles and trucks are eligible.
Does a leased vehicle qualify?
A qualifying vehicle may be leased, but the lease term must be at least two years.
What are the 2024 credit amounts for electric motor vehicles?
For qualifying electric or plug-in hybrid electric motor vehicles with a GVWR of 8,500 pounds or less, Table 1 lists a $7,500 credit when MSRP is under $35,000 and a $5,000 credit when MSRP is $35,000 to $80,000.
What are the 2024 credit amounts for qualifying trucks and heavier passenger vehicles?
Table 1 lists $5,000 for qualifying light-duty passenger motor vehicles with a GVWR over 8,500 pounds and qualifying light-duty trucks with a GVWR over 8,500 pounds through 10,000 pounds. It lists $12,000 for qualifying medium-duty trucks with a GVWR over 10,000 pounds through 26,000 pounds and qualifying heavy-duty trucks over 26,000 pounds. MSRP is not applicable to these table entries.
What does GVWR mean?
Gross vehicle weight rating is the manufacturer's specified maximum loaded weight of the vehicle or combination vehicle, or its registered gross weight, whichever is greater. For a combination vehicle, the rating includes the GVWR of the power unit plus the GVWR of any towed unit.