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:
Bill Summary
State Revenue & Budget
Transportation & Motor Vehicles
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.)