Staff Analysis of the Legislation
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HB 66 is a substantial revision of the new state and local title ad valorem tax (TAVT) system. Among other things, the bill changes how fair market value is determined; exempts IRP vehicles from the new system & continues them under apportioned ad valorem tax; changes registration procedures; changes numerous items regarding dealers who directly finance sales; changes numerous items regarding leases; and provides for new criminal penalties. NOTE: HB 66 is similar to, but slightly different from, HB 80. It treats used motor vehicles differently in terms of how fair market value is determined.
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