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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.

 

EFFECTIVE DATE:

January 1, 2022

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