Vehicle Specific Ownership Tax Actual Price
Current law uses the manufacturer's suggested retail price (MSRP) of a vehicle to determine taxable value, which is used to determine the amount of the specific ownership tax. For class A and B vehicles that weigh 16,000 pounds or less, current law uses 75% of the MSRP; for class C and D vehicles, current law uses 85% of MSRP.
The bill changes this taxable value from MSRP to the actual purchase price.
(Note: This summary applies to this bill as introduced.)