SB 0146 Authorizes state income tax credit for personal property tax paid on non-business motor vehicles
Sponsor:Goode
LR Number:S0271.01I Fiscal Note:0271-01
Committee:Ways and Means
Last Action:02/09/99 - Hearing Conducted S Ways & Means Committee Journal page:
Title:
Effective Date:August 28, 1999
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Current Bill Summary

SB 146 - This act authorizes a state income tax credit for personal property taxes paid on motor vehicles used primarily for non-business purposes. The credit is phased in as follows: for tax year 2000, a taxpayer is allowed to take 25% of the personal property taxes paid on a motor vehicle; for tax year 2001, the amount is increased to 50%; for tax year 2002, 75% of the property taxes may be taken as a credit; and for tax year 2003 and subsequent years, the taxpayer is allowed to take as a credit 100% of the personal property taxes paid on motor vehicles.
RUSS HEMBREE