Alternative Transportation Tax Credit
HB22-1026 gives income tax credits for offering transportation options to your employees, up to $125,000
New for tax years 2023 and 2024, the State of Colorado will provide a refundable tax credit of 50% for employer expenses related to providing alternative transportation options to employees.
The tax credit’s purposes are to increase the use of alternative transportation options, reduce traffic congestion and improve the state’s air quality.
Expenses relate to programs or infrastructure to support anything other than driving alone. Those transportation options include transit, biking, carpool, vanpool and administrative expenses.
In addition to beign good for our environment, it’s also good for your bottom line:
- Attract and retain the best employees, Surveys show people want to work for employers that support getting their employees to work
- Expand your corporate social responsibility and be a leader in the sustainability space
- Enhance your employee benefit offerings, and receive a 50% tax credit while doing it.
The Department of Revenue is going through the rulemaking process now. Contact the Smart Commute team to stay in the loop and learn more