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New Tax Law

To summarize, the changes to the Title Ad Valorem Tax (TAVT) in HB 266 are as follows:

Changes the definition of Fair Market Value (FMV) for new motor vehicles from DOR value to the greater of retail selling price or DOR value, less rebate and trade-in. In the case of a lease, FMV is the greater of the "agreed upon value" pursuant to the lease agreement, or DOR value, less rebate and trade-in.
The tax rate is still 6.5% of FMV.
FMV for used vehicles remains the DOR value.
Retail selling price or agreed upon value includes charges for dealer fees and add-ons, but does not include any extended warranty or maintenance agreement itemized on the dealer's invoice.
Exempts from TAVT vehicles registered under the International Registration Plan (common carriers);
Exempts leases from sales and use tax, therefore, no sales and use tax on monthly lease payments.
Removes TSPLOST from motor vehicle sales..

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