This legislation makes numerous changes to the TAVT statute. These include: major revisions to determining the fair market value of vehicles; redefining trade in value as fair market value rather than as stated in the bill of sale; requiring the state revenue commissioner to develop a standard form for use by dealers; providing for civil fines and dealer license revocation for failure to apply for title and remit TAVT proceeds and allowing tag agents to retain one percent of the local proceeds to defray administration cost which proceeds go to the county general fund.