HB916 provides an ad valorem tax exemption for certain motor vehicles in Kentucky.
HB916 amends Kentucky law to exempt certain motor vehicles from state and local ad valorem taxes for the 2022 and 2023 assessment dates. Specifically, it exempts increases in the valuation of motor vehicles from January 1, 2021. The bill also allows for refunds of overpaid taxes for the 2022 assessment date and exempts motor vehicles from state ad valorem tax starting from the 2027 assessment date. The exemption does not apply to usage tax or local taxes.
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