State discounts for purchasing heat pumps, e-bikes and electric cars and trucks will be cut in half next year, .
The tax credits, some will be slashed in 2026 because of a dismal state revenue forecast, said Emily Dohrman, senior economist for nonpartisan Legislative Council Staff, at the Joint Budget Committee鈥檚 quarterly meeting.
Lawmakers enacted the green to make electric transportation and heating and cooling more appealing to Coloradans. But the availability of the credits hinges on state economic forecasts showing at least 4% projected revenue growth in the next fiscal year, or else they are cut by 50%.
Up until recently, it looked like the state鈥檚 forecast revenue growth requirement would be reached. Just a few months ago in March, state economists projected the green tax credits would remain fully intact. But since then, 鈥渓ower collections and a reduction in expectations for the economy鈥� soured the June forecast, Dohrman said. She said revenue is expected to increase only by 2% next year.
The halving of the state incentives paired with Congressional Republicans鈥� proposal to as part of their big budget bill would result in far less money available to help Coloradans electrify their homes and transportation.
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