I don’t store them - I drive all of them every week except the BMW (long-hauler).
IMO if people don’t like the way the State they live in taxes then don’t “live” there.
By this logic (if you don’t like the tax, move) Apple should move to Ireland since they park all their money there :). If it works for fortune 500 why not for us? Why haven’t apple’s neighbors been telling on it lol?
Does apple really have operations in ireland that produce 100 billion in revs?
I don’t see any problem with living in one State and owning an LLC in another due to advantages of that other state. How many of the Fortune 500 actually operate in Delaware?
Hey guys great discussion here. We should add tax advice as one of the topics in the forum. However, tax laws are made for the common people. Corporations and other well to do people got different rules. I mean who would fund billion dollar presidential campaigns otherwise? They need a return on their investment. Plus wining and dining our representatives? Those are significant expenses.
You’d be surprised on how little gets a politician going.
I’ve seen it first hand.
My mother ran the office of a transportation lobbyist firm - they handed out money like it was candy.
here’s a special program BMW offers in GA:
HB340 has been signed into law by Gov. Deal: http://www.legis.ga.gov/legislation/en-us/display/20172018/hb/340
There isn’t much media coverage on it. Section 2 of the bill states an effective date of January 1st, 2018. I haven’t seen anything where it goes into effect earlier than that.
That is great. You should see amazing lease deals in Georgia starting Jan 1, 2018 whereby they will tax the lease payment instead of the value/sales price of the leased car
That is great news. Totally changes the timeframe for leasing a new vehicle. Thanks for posting!
Turn up!!!
Yeah VA needs to get on this bandwagon. Taxing the full value of the vehicle AND paying personal property tax on the full value of the car annually is total BS…
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No wonder @ursus is always so cranky
It sucks, but on the bright side - VA car sales tax is 4.15%, less than half of CA.
Can you give us an example of how much tax is paid comparing the two over a 3 year period?
Lived in both VA and CA so I’d like to see this.
You mean combined tax - sales tax + property tax? Property tax you pay about 40% of accessed value bill up to $20K and 100% on everything over $20K. Different counties have different rates, for example $4.57 per $100. Obviously, car property tax goes down every year.
At present, the State pays approximately 60.5% of the bill, and the taxpayer pays the remaining 39.5%. These rates are subject to change annually. The taxpayer must pay the full amount of taxes on any vehicle assessment that exceeds $20,000. Only personal use vehicles qualify for PPTRA.
On a $60K car with sale price $50K, RV 57 and 9% vs.4.15% tax - you actually pay less in VA than in CA. But then you get hit with property tax: for the first year it’s $1,700 (probably lower) and lower number for the next 2 years.
So, will it just be payments on the monthly lease bill like it used to be? Or, will there also be an annual additional fee like how ad valorem used to it.
Same thing in Illinois until 1/1/2016, now we are like other states for lease tax on the lease cost not the whole vehicle. Write to your state senators and Governor. Let them know what you want and how an increase in sales due to lower taxes will help the economy there and prevent people from leasing out of state, etc…
I’m definitely going to hop on Jaguar F Type $400 deals once the law is changed. Those cars are so clean.
Bump…
Its getting closer to January and I haven’t heard much about this tax law change. Hopefully it still will go in affect. Looking to get some Maserati deals.