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HB19-1157

Modify Specific Ownership Tax Rates

Concerning the modification of specific ownership tax rates, and, in connection therewith, requiring additional specific ownership tax revenue generated by the rate modifications to be credited to the highway users tax fund and allocated to the state highway fund, counties, and municipalities in accordance with an existing statutory formula.
Session:
2019 Regular Session
Subjects:
Fiscal Policy & Taxes
Transportation & Motor Vehicles
Bill Summary

On and after July 1, 2020, the bill modifies the rates of specific ownership tax imposed on motor vehicles, commercial trailers, and special mobile machinery that is less than 25 years old, increasing the total amount of specific ownership tax revenue collected. Additional specific ownership tax revenue generated by the specific ownership tax rate modifications is transferred to the highway users tax fund (HUTF) for allocation to the state, counties, and municipalities in accordance with the existing "second stream" statutory formula for the allocation of HUTF money. The state, counties, and municipalities may expend the revenue only for construction, reconstruction, repairs, improvement, planning, supervision, and maintenance of state highways, county roads, and municipal streets, including the acquisition of rights-of-way and access rights.


(Note: This summary applies to this bill as introduced.)

Status

Introduced
Lost

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Bill Text

Sponsors

Sponsor Type Legislators
Prime Sponsor

Rep. L. Liston

Sponsor

Co-sponsor

The House of Representatives and Senate will not convene on Friday, May 29 and Saturday, May 30

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