- 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..
Curry Honda Atlanta
5525 Peachtree Industrial Blvd
Chamblee, GA 30341
- New: 866-316-0230
- Service/Parts: 888-221-8441
- Used: 866-733-2877
- Body Shop: 866-887-6589
New Tax Law
To
summarize, the changes to the Title Ad Valorem Tax (TAVT) in HB 266
are as follows: