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HB 0063 - Alternative ad valorem tax; motor vehicles; revise definition of fair market value

Tracking Level: Passed
Sponsor: Shaw Blackmon
Last Action: 5/4/2021 - Effective Date 2022-01-01
House Committee: Ways and Means
Senate Committee: Finance
Assigned To:
TaxationNext Bill

Staff Analysis of the Legislation

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SUMMARY:  LC 43 1765  LC 43 1876S/AP

This bill is another attempt to amend the title ad valorem tax.  This addresses the fair market calculation for used vehicles bought in a private seller-financed arrangement and for vehicles leased by individuals for personal use.

The change for seller-financed sales is for clarity of the fair market calculation rather than a change.  This bill would change the calculation for leased vehicles by subtracting all itemized interest or finance charges included in the base payments or down payments.



January 1, 2022

Bill Summary from the State Site - Click for the State Summary Page / Click for Current Full Text