06RS HB548

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Includes opposite chamber sponsors where requested by primary sponsors of substantially similar bills in both chambers and jointly approved by the Committee on Committees of both chambers. Opposite chamber sponsors are represented in italics.

HB 548/FN (BR 1765) - D. Ford

AN ACT relating to motor vehicle usage tax.
Amend KRS 138.450 to establish a valuation floor for used vehicles that is not less than 50% of the difference between the trade-in book value of the vehicle offered for registration and the trade-in book value of the vehicle offered in trade; define additional terms; amend KRS 138.460 to provide a refund procedure for overpayments when the tax paid is based on the floor value; require the Department of Revenue to promulgate regulations to develop procedures and forms; amend KRS 138.464 to conform; EFFECTIVE AUGUST 1, 2006.

HB 548 - AMENDMENTS

HCS/FN - Amend KRS 138.450 to establish a valuation floor for used vehicles that is not less than 50% of the difference between the trade in book value of the vehicle offered for registration and the trade in book value of the vehicle offered in trade; define additional terms; exclude branded vehicles from 50% floor; amend KRS 138.460 to provide a refund procedure for overpayments when the tax paid is based on the floor value; require the Department of Revenue to promulgate regulations to develop procedures and forms; amend KRS 138.464 to conform; EFFECTIVE August 1, 2006.

     Feb 9-introduced in House
     Feb 10-to Appropriations and Revenue (H)
     Feb 14-posted in committee
     Feb 27-reported favorably, 1st reading, to Calendar with Committee Substitute
     Feb 28-2nd reading, to Rules
     Mar 6-posted for passage in the Regular Orders of the Day for Tuesday, March 7, 2006

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