6/17/10-Gov. Bill Ritter has signed a bill into law that makes available tax incentives for local trucking operations.
Previously HB1285, the new law allows the trucking industry to qualify for enterprise-zones and sales-tax credits. However, the incentives won’t go into effect until July 1, 2011.
The incentives provide a prorated sales tax refund for companies that are based on the number of vehicle-miles driven in Colorado. Also, it offers a 1.5 percent investment tax credit for new truck purchases in an enterprise zone.
To pay for the tax incentives, fines for “egregiously overweight trucks” will be increased to a comparable level with surrounding states.
The new law clarifies that vehicles registered in Colorado, then later registered in another state before returning to Colorado for a subsequent registration are not on the hook for taxes and fees due while it was registered outside the state.