Post by Logan on Jan 22, 2017 7:17:33 GMT -6
Road funding bill would add $200 tax to the price of car purchase
COLUMBIA — Whether you spend six figures on a luxury import or buy a beat-up station wagon at a used car lot, consumers in South Carolina pay no more than $300 in taxes on an automobile purchase.
But that antiquated section of state law — which dates back to the early 1980s — could soon change.
After years of talk, lawmakers are attempting to raise the tax cap on vehicle purchases from the current $300 to $500, a rate 67 percent higher than the existing limit for such transactions.
The proposed cap, outlined as part of the roads funding package unveiled this week, is projected to generate an additional $70 million in annual revenue for roads funding — money that is desperately needed in South Carolina.
Read more: www.postandcourier.com/politics/road-funding-bill-would-add-tax-to-the-price-of/article_98bfd9dc-de6b-11e6-b5bc-2bf0568888b3.html
COLUMBIA — Whether you spend six figures on a luxury import or buy a beat-up station wagon at a used car lot, consumers in South Carolina pay no more than $300 in taxes on an automobile purchase.
But that antiquated section of state law — which dates back to the early 1980s — could soon change.
After years of talk, lawmakers are attempting to raise the tax cap on vehicle purchases from the current $300 to $500, a rate 67 percent higher than the existing limit for such transactions.
The proposed cap, outlined as part of the roads funding package unveiled this week, is projected to generate an additional $70 million in annual revenue for roads funding — money that is desperately needed in South Carolina.
Read more: www.postandcourier.com/politics/road-funding-bill-would-add-tax-to-the-price-of/article_98bfd9dc-de6b-11e6-b5bc-2bf0568888b3.html