State unveils website detailing new eco-friendly tax breaks
The Colorado Department of Revenue Taxation Division has 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 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, 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, 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. For more, Tax.Colorado.gov/climate-focused-tax-incentives.
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