Colorado Department of Revenue helps taxpayers obtain credits and exemptions online resource

Date:

The Colorado Department of Revenue Taxation Division launched a new online resource to inform Coloradans about tax benefits now available for some climate-friendly purchases, such as heat pump systems.

The new online resource provides information and Department of Revenue forms on various incentives for heat pump systems, heat pump water heaters, residential energy storage systems and decarbonizing building materials. The incentives, which were passed in the Policies To Reduce Emissions From Built Environment Act of 2022 (SB 22-051, https://leg.colorado.gov/bills/sb22-051), include:

  • An income tax credit for the purchase and installation of commercial and residential heat pump systems and heat pump water heaters.
  • On and after July 1, 2023, a state sales and use tax exemption for commercial and residential heat pump systems and heat pump water heaters.
  • An income tax credit for the purchase and installation of residential energy storage systems.
  • On and after July 1, 2023, a state sales and use tax exemption for residential energy storage systems.
  • On and after July 1, 2024, a state sales and use tax exemption for eligible decarbonizing building materials.The tax exemptions and credits are intended to promote environmentally friendly purchases as in an effort to curb emissions and improve Colorado’s environment.For more information about these tax incentives, visit Tax.Colorado.gov/climate-focused-tax-incentives.

Share post:

Popular

More content
Related

The beloved Pope Francis dies at 88

He was, without a doubt, the shepherd for not...

Monday night proves to be tough night for local teams

The Denver Nuggets had a tough night at home...

America 250 – Colorado 150 Commission announces funding

The America 250 - Colorado 150 Commission announced its...

ESPN Kendrick Perkins pulling race card again

The Denver Nuggets are back in the playoffs again....