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Bill Detail: HB19-1157

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Title Modify Specific Ownership Tax Rates
Status Introduced In House - Assigned to Transportation & Local Government + Finance (01/29/2019)
Bill Subjects
  • Fiscal Policy & Taxes
  • Transportation & Motor Vehicles
House Sponsors L. Liston (R)
Senate Sponsors
House Committee Transportation and Local Government
Senate Committee
Date Introduced 01/29/2019
Description


On and after July 1, 2020, the bill modifies the rates of specific
ownership tax imposed on motor vehicles, commercial trailers, and
special mobile machinery that is less than 25 years old, increasing the
total amount of specific ownership tax revenue collected. Additional
specific ownership tax revenue generated by the specific ownership tax
rate modifications is transferred to the highway users tax fund (HUTF)
for allocation to the state, counties, and municipalities in accordance with
the existing second stream statutory formula for the allocation of HUTF
money. The state, counties, and municipalities may expend the revenue
only for construction, reconstruction, repairs, improvement, planning,
supervision, and maintenance of state highways, county roads, and
municipal streets, including the acquisition of rights-of-way and access
rights.

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