103 KAR 44:130. New motor vehicle trade-in allowance

Link to law: http://www.lrc.ky.gov/kar/103/044/130.htm
Published: 2015

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Subscribe Now
      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.)