SB 0147 Phases out assessed valuation of motor vehicles used primarily for nonbusiness purposes
LR Number:S0449.02I Fiscal Note:0449-02
Committee:Ways and Means
Last Action:02/09/99 - Hearing Conducted S Ways & Means Committee Journal page:
Effective Date:Contingent
Full Bill Text | All Actions | Available Summaries | Senate Home Page | List of 1999 Senate Bills
Current Bill Summary

SB 147 - This act would phase-out, upon passage of a constitutional amendment authorizing the exemption from taxation of motor vehicles used primarily for nonbusiness purposes, the assessed valuation percentages of such personal property as follows: for the first year after passage of the amendment, the assessed valuation goes down from the present 33 1/3% to 25%; in the second year, it goes to 17%; in the third year, it falls to 8%; and in subsequent years such property shall not be assessed.

Revenues lost as a result of valuation reductions which are not replaced either through the school foundation formula or by tax rate adjustments are calculated by the county assessors and reported to the State Tax Commission. The Commission will then report that information to the Office of Administration, which will calculate the revenue effects of the foundation formula and rate adjustments and report that information to the Governor and to the General Assembly.