NASHVILLE, Tenn. (Jan. 31, 2014) — The Tennessee House and Senate have introduced legislation to allow counties to exempt owners of antique motor vehicles from the state's privilege tax.
Identical legislation has been introduced in both legislative bodies, the Specialty Equipment Market Association (SEMA) reported, to allow an exemption from the privilege tax, though a county may also require a one-time only payment of the tax.
According to the state, the average amount of the one-time tax imposed would be $43.10, SEMA said.
In Tennessee, an "antique motor vehicle" is classified as a vehicle more than 25 years old with a non-modified engine and body that is used for participation in, or transportation to and from, club activities, exhibits, tours, parades and similar uses as a collector's item. Additional uses include on highways for the purpose of selling; testing the operation of or obtaining repairs to or maintenance; and for general transportation only on Saturday and Sunday, according to SEMA.
What do you think of the tax reform proposal before Congress?
|I’m in favor of it—it’s good for business||
29% (27 votes)
|It doesn’t go far enough in helping small business.||
12% (11 votes)
|I’ll wait to see the final bill.||
19% (18 votes)
|It’s going to hurt the middle class.||
40% (37 votes)
|Total votes: 93|