Form DR0618 Innovative Motor Vehicle Tax Credit - Election Statement - Colorado

What Is Form DR0618?

This is a legal form that was released by the Colorado Department of Revenue - a government authority operating within Colorado. As of today, no separate filing guidelines for the form are provided by the issuing department.

FAQ

Q: What is Form DR0618?
A: Form DR0618 is an election statement used in Colorado to claim the Innovative Motor Vehicle Tax Credit.

Q: What is the Innovative Motor Vehicle Tax Credit?
A: The Innovative Motor Vehicle Tax Credit is a tax credit available in Colorado for purchasing or leasing eligible innovative motor vehicles.

Q: Who is eligible for the Innovative Motor Vehicle Tax Credit?
A: Colorado residents who purchase or lease eligible innovative motor vehicles are eligible for the tax credit.

Q: What is the purpose of Form DR0618?
A: Form DR0618 is used to declare the taxpayer's election to claim the Innovative Motor Vehicle Tax Credit.

Q: How do I fill out Form DR0618?
A: Form DR0618 requires you to provide your personal information, details about the vehicle, and information about the tax credit you're claiming.

Q: When is the deadline for filing Form DR0618?
A: The deadline for filing Form DR0618 is the same as the tax return filing deadline for the year in which the vehicle was purchased or leased.

Q: What supporting documentation is required with Form DR0618?
A: Supporting documentation such as the purchase or lease agreement, vehicle registration, and a copy of the federal tax form 8936 must be included with Form DR0618.

Q: What happens after I file Form DR0618?
A: After filing Form DR0618, the Colorado Department of Revenue will review your claim for the Innovative Motor Vehicle Tax Credit and notify you of any adjustments or additional documentation required.

Q: Can I claim the Innovative Motor Vehicle Tax Credit on my federal tax return?
A: Yes, you may be eligible to claim a federal tax credit for the same vehicle on your federal tax return. Consult with a tax professional or refer to IRS guidelines for more information.