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Legislative Year: 2022 Change
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Bill Detail: HB22-1124

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Title Tax Credit For Recycling An Old Vehicle
Status House Committee on Finance Postpone Indefinitely (03/10/2022)
Bill Subjects
  • Fiscal Policy & Taxes
House Sponsors R. Pelton (R)
Senate Sponsors B. Rankin (R)
House Committee Finance
Senate Committee
Date Introduced 01/21/2022
Summary

For income tax years commencing on or after January 1, 2023, but
prior to January 1, 2028, the bill allows a $750 income tax credit to any
taxpayer that purchases a new motor vehicle (purchaser) and at the same
time trades in an old motor vehicle for recycling. The purchase of the new
motor vehicle and the trade in for recycling of the old motor vehicle are

required to occur through the same licensed motor vehicle dealer. The bill
defines a vehicle that is a 2015 model year or newer as a new motor
vehicle and a vehicle that is a model year 2009 or older as an old motor
vehicle.
The purchaser is required to assign the tax credit to the purchaser's
financing entity in a manner specified in the bill, and the financing entity
is required to compensate the purchaser for the full nominal value of the
tax credit. To complete the tax credit assignment, the purchaser and the
financing entity are required to enter into an agreement that identifies the
vehicle identification numbers of the old motor vehicle and the new
motor vehicle, includes certification from the licensed motor vehicle
dealer that the old motor vehicle will be traded for recycling pursuant to
current law, and satisfies all other requirements regarding the assignment
of the tax credit.
The financing entity is required to electronically submit a report
containing the information required in the agreement to the department
of revenue (department) in a form and manner to be determined by the
department. In addition, the financing entity is required to file the
agreement described with the original tax return for the taxable year in
which the old motor vehicle is traded in for recycling and a new motor
vehicle is purchased.
The licensed motor vehicle dealer that sells the purchaser the new
motor vehicle and takes the old motor vehicle for recycling is required to
certify, in a form and manner to be determined by the department, that an
old motor vehicle that is traded in for recycling for the purpose of
claiming the tax credit will be recycled in accordance with current law.
A licensed motor vehicle dealer that provides certification that it
will recycle an old motor vehicle but that fails to transfer the vehicle for
recycling is subject to a fine.

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