103 KAR 44:130. New motor vehicle trade-in allowance.
RELATES TO: KRS 138.450,138.4602
STATUTORY AUTHORITY: KRS 131.130(1),
138.4602(3)
NECESSITY, FUNCTION AND CONFORMITY: KRS
138.4602(3) requires the Department of Revenue to promulgate an administrative
regulation to administer the new motor vehicle credit cap. This administrative
regulation establishes a method for new vehicle dealers and county clerks to
determine the balance of the new motor vehicle credit cap and a process to
notify county clerks when the new motor vehicle credit cap is reached.
Section 1. Definitions. (1) "AVIS"
means the Automated Vehicle Information System prescribed by KRS Chapter 186A.
(2) "Business day" means all
days of the week (excluding Sunday) when the department or a local county
clerk’s office is open for business in the Commonwealth.
(3) "Department" is defined by
KRS 138.450(21).
(4) "New motor vehicle credit"
means the amount of motor vehicle usage tax reduced by the trade-in allowance
on motor vehicles as specified in KRS 138.4602(1)(a).
(5) "New motor vehicle credit cap"
means $25,000,000, as established by KRS 138.4602(3)(a).
(6) "Trade-in allowance" is
defined by KRS 138.450(10).
Section 2. Notification Process. (1) The
department shall track the amount of the new motor vehicle credit cap used and
shall post the accumulated total on the motor vehicle usage tax Web site at: http://revenue.ky.gov/business/motorvehicleusage.htm.
The accumulated total shall be regularly updated throughout each business day.
(2) If the new motor vehicle credit cap
is reached prior to August 31, 2010, the department shall provide notification
that the new motor vehicle credit is no longer available as follows:
(a) Post notification on the department Web
site at http://revenue.ky.gov; and
(b) Notify all county clerks through an
AVIS network communication and by separate office electronic mail. (36 Ky.R.
706; Am. 1012; eff. 12-4-2009.)
