RELATES TO: KRS 138.450,138.4602
STATUTORY AUTHORITY: KRS 131.130(1), 138.4602(3)
NECESSITY, FUNCTION AND CONFORMITY: KRS 138.4602(3) requires the Department of Revenue to promulgate an administrative regulation to administer the new motor vehicle credit cap. This administrative regulation establishes a method for new vehicle dealers and county clerks to determine the balance of the new motor vehicle credit cap and a process to notify county clerks when the new motor vehicle credit cap is reached.
Section 1. Definitions. (1) "AVIS" means the Automated Vehicle Information System prescribed by KRS Chapter 186A.
(2) "Business day" means all days of the week (excluding Sunday) when the department or a local county clerk’s office is open for business in the Commonwealth.
(3) "Department" is defined by KRS 138.450(21).
(4) "New motor vehicle credit" means the amount of motor vehicle usage tax reduced by the trade-in allowance on motor vehicles as specified in KRS 138.4602(1)(a).
(5) "New motor vehicle credit cap" means $25,000,000, as established by KRS 138.4602(3)(a).
(6) "Trade-in allowance" is defined by KRS 138.450(10).
Section 2. Notification Process. (1) The department shall track the amount of the new motor vehicle credit cap used and shall post the accumulated total on the motor vehicle usage tax Web site at: http://revenue.ky.gov/business/motorvehicleusage.htm. The accumulated total shall be regularly updated throughout each business day.
(2) If the new motor vehicle credit cap is reached prior to August 31, 2010, the department shall provide notification that the new motor vehicle credit is no longer available as follows:
(a) Post notification on the department Web site at http://revenue.ky.gov; and
(b) Notify all county clerks through an AVIS network communication and by separate office electronic mail. (36 Ky.R. 706; Am. 1012; eff. 12-4-2009.)