By SEMA Washington, D.C., Staff
Legislation in Connecticut that originally threatened to increase the age requirement for vehicles eligible for registration as “antique, rare or special-interest motor vehicles” or “modified antique motor vehicles” and increase the maximum property tax assessment for these vehicles from $500 to $2,500 has been substituted and sent to the floor of the House for a vote by all members.
The substitute bill does not change the current 20-year age requirement for these hobby vehicles, but only changes the current available property tax exemptions for all motor vehicles. Under the measure, starting July 1, 2019, vehicle owners would not have to pay taxes on vehicles valued at $20,000 and under, but would still have to pay taxes on the value above $20,000 for vehicles valued at greater than $20,000. The substitute does not remove the current pro-hobby limits on the valuation of antiques/rare/special-interest vehicles.
For more information, visit the SEMA Action Network website. For details, contact Steve McDonald at stevem@sema.org.