Staff Analysis of the Legislation
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SUMMARY:
HB 80 substantially revises some of the provisions of the new motor vehicle title tax. Some of the changes: how fair market value is determined; sets a minimum tax rate of 6% if revenue exceeds the state and local target collection numbers; allows the Department of Revenue to collect the tax electronically and disburse the collection back to the local governments; lengthens the period dealers have to pay the tax to 30 days; adds penalty amounts; changes penalties for individuals to flat fees; and reduces taxable rate on leased vehicles.
POINTS TO CONSIDER:
When the law passed last year, there was no clear understanding of the impact on local governments -- and there still is not. It goes into effect March 1st.
EFFECTIVE DATE:
Upon signature of the Governor |
