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SB20-067

Vehicle Specific Ownership Tax Actual Price

Concerning the use of a vehicle's actual purchase price to determine the taxable value for the computation of specific ownership tax.
Session:
2020 Regular Session
Subjects:
State Revenue & Budget
Transportation & Motor Vehicles
Bill Summary

Current law uses the manufacturer's suggested retail price (MSRP) of a vehicle to determine taxable value, which is used to determine the amount of the specific ownership tax. For class A and B vehicles that weigh 16,000 pounds or less, current law uses 75% of the MSRP; for class C and D vehicles, current law uses 85% of MSRP.

The bill changes this taxable value from MSRP to the actual purchase price.


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

Status

Introduced
Lost

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Bill Text

Sponsors

Sponsor Type Legislators
Prime Sponsor

Sen. L. Crowder

Sponsor

Co-sponsor

COVID-19 Resources

Temporary Guidelines for Review and Comment Meetings

The House and Senate are temporarily adjourned. The building is closed to the public.