Proposed Kentucky State Bill totax antique cars

[desoto1939]

Attached is an article about a new proposed Kentucky House bill on how they might be starting to tax old cars.  Got this from the SANS webpage. Just wanted to let anyone know that lives in Kty that might get a new tax on your old cars.

 

 

Rich HArtung

Desoto1939@aol.com

[Dave72dt]

If I read that correctly, it would be good news for most.  Since it's a depreciating schedule and most of our cars are over 30 years old, there should be no tax on them at all based on how much these cars were valued at in the 60' and 70'

[Captain Neon]

At the very worst, instead of being taxed as "high-value collectibles" (as they are currently), the bill will tax antique car same as any other daily driver vehicle.  Yes, I agree, they shouldn't be taxed at all, but the proposed bill is an improvement over current situation in KY.  The only way that I can see this being bad is that every one's property taxes being increased to recoup the taxes that were no longer being collected, or increased enforcement of other revenue streams (traffic and parking citations, dog licences, jaywalking, etc.)