SUMMARY: LC 28 8266   LC 28 8709S  LC 34 5429S

This bill would make changes to the Tag Ad Valorem Tax calculation and distribution.

Would change the definition of fair market value for leased vehicles and kit cars.

Would continue to value used cars differently from new cars 

Would eliminate the hold harmless local target and the "true up" and end the gradual shifting of the revenue to local entities to reach 72% local and 28% state.

Instead the state would keep 40% of the revenue.  The other 60% would be split equally between the local entities, so school districts would receive 20% of the revenue.     

EFFECTIVE DATE:

July 1, 2019