HB 209/LM (BR 1127) - L. Napier
AN ACT relating to the taxation of motor vehicles.
Amend KRS 132.485, relating to property tax on motor vehicles, to require the PVA to assess property tax on motor vehicles at the average trade-in value appearing in the NADA reference manual; amend KRS 138.450, relating to usage tax on motor vehicles, to require usage tax on most used motor vehicles to be based on an affidavit attesting to the actual consideration paid for the vehicle rather than the NADA book value; specify that actual consideration shall not include any amount allowed as a trade-in allowance, any amount allowed as a dealer rebate, or any interest payments made over the life of a loan for the purchase of the motor vehicle; provide that for older used motor vehicles offered for registration the first time in this state whose values no longer appear in the NADA guide, retail price shall be $200 regardless of the number of years the value has been removed from the vehicle; require the NADA book value to be used for new residents registering a vehicle for the first time in Kentucky; provide that if a notarized affidavit is not available to establish the total consideration paid for a vehicle, the retail price of the vehicle shall be the average trade-in value of the vehicle as prescribed by the NADA guide established by the Revenue Cabinet; establish that the retail price of motor vehicles received as a gift shall be the NADA guide trade-in value; amend KRS 138.460 to require the Revenue Cabinet to provide affidavit forms to each county clerk who shall provide the forms free of charge to the public; prohibit a county clerk from registering a motor vehicle if a notarized affidavit is required and available to complete the transaction and the buyer and seller have failed to prepare the affidavit; amend KRS 138.990 to establish penalties for individuals and dealers who willfully and fraudulently give a false statement on the affidavit as to the actual consideration given for a motor vehicle as follows: for an individual convicted of a first offense, one to five years in prison and a $1000 fine, for a second or subsequent offense, five to ten years in prison and a $5000 fine; for a dealer convicted of a first offense, one to five years in prison and a $1000 fine, for a second offense, the dealer loses his license for life, and is given a prison term of five to ten years with a minimum fine of $5000; amend KRS 134.810, 186.190, 186.232, 190.037, 190.040, and 190.990 to conform; provide that the provisions relating to property tax become effective January 1, 1999 and that the usage tax provisions become effective July 31, 1998.
Jan 8-introduced in House
Jan 9-to Appropriations and Revenue (H)