|Date Requested:February 17, 2013
Time Requested:12:17 PM
| FUND(S) |
Sources of Revenue
Legislation creates:Neither Program nor Fund
Effect this measure will have on costs and revenues of state government.
| The purpose of this bill is to exempt antique motor vehicles from taxes and fees. “Antique motor vehicle” means any motor vehicle which is more than twenty-five years old and is owned solely as a collector’s item.
This bill exempts sales tax and all other fees charged during the titling process. Fees include titling fees, lien fees and vehicle registration fees.
As of December 31, 2012, there were 1,504 classic cars titled; 3,445 antique cars and motorcycles titled using a license plate issued in the year the vehicle was manufactured; and 20,596 antique vehicles. There are 48,535 vehicles currently registered in the state over 25 years old.
It is estimated that 1,000 vehicles more than twenty-five years old are titled each year; with an average of $69 in tax paid per vehicle.
There would be an approximate savings of $62,826 each year by eliminating the renewal process.
|Effect of Proposal||Fiscal Year|
|1. Estmated Total Cost||-62,826||-62,826||-62,826|
|Repairs and Alterations||0||0||0|
|2. Estimated Total Revenues||-1,686,874||-1,686,874||-1,686,874|
3. Explanation of above estimates (including long-range effect):
Classic Cars (AC) 1,504 x $45 $ 67,680
Antique Cars Using
manufactured year plate (AX & GX) 3,445 x $3.50 $ 12,058
Registered Antique (V) 20,596 x $3.50 $ 72,086
Vehicles over 25 years old (A) 48,535 x $30 $1,456,050
TOTAL REGISTRATION FEES $1,607,874
Sales Tax Generated 1,000 x $69 $ 69,000
Title Fees 1,000 x $10 $ 10,000
TOTAL TAXES AND FEES $ 79,000
TOTAL LOSS IN REVENUE $1,686,874
Reduction in the number of
registration renewals processed 50,039 x .120119 $ 6,011
Postage 50,039 x .37 $ 18,514
Equivalent of one Office Assistant $ 31,045
Registration Decal 50,039 x .145 $ 7,256
TOTAL SAVINGS $ 62,826