The Democrat-controlled CT House passed a bill this week by a vote of 82-42 to change the car tax. This change will increase the car’s value that can be taxed by basing it on the Manufacturer's Suggested Retail Price (MSRP) with a corresponding depreciation schedule instead of the existing NADA used car valuation, a change that many Republicans believe will ultimately increase car tax bills. Implementation begins in October 2024.
Those in favor of the bill believe the planned change in how cars are valued for the purposes of taxation, will make the car tax more predictable and possibly lower for some.
Rep. Vincent Candelora (R-District 86) said. “We don’t know what the impact fully will be. But what we do know, it’s moving food around the plate and not addressing the real concerns.”
Between the lines: Just another way to discreetly raise taxes on CT citizens with no public hearing or impact analysis.