An Act To Lower the Rate of Excise Tax on Older Vehicles To Acknowledge the Longer Life Span of Motor Vehicles
CONCEPT DRAFT SUMMARY
This bill is a concept draft pursuant to Joint Rule 208.
This bill proposes to amend the annual excise tax that is imposed on the registration of motor vehicles. Currently, the mill rate begins at 24 mills of the maker's list price for the first model year of the motor vehicle and decreases, on a sliding scale, to 4 mills for the 6th and succeeding year of the motor vehicle. This bill would alter that scale to take into consideration, in a revenue-neutral manner, the high percentage of motor vehicles registered each year in this State that are more than 6 years old.