CA SB1492

Authorizes the City and County of San Francisco to impose a voter-approved local assessment on vehicles, requiring approval by two-thirds of the Board of Supervisors and a majority vote of voters.

Assessment rate equals the difference between 2 percent of vehicle market value and the state vehicle license fee rate, with a maximum cap of 2 percent of market value.

Requires the Department of Motor Vehicles to collect and administer the assessment and deposit revenues into the San Francisco Vehicle Assessment Fund, then transmit funds to the city and county.

Requires the Franchise Tax Board to annually estimate and report state revenue losses from taxpayers deducting the local assessment under Personal Income Tax Law and Corporation Tax Law, with adjustments based on actual filings.

Assessment begins on January 1 or July 1 following voter approval, depending on when the election occurs, and automatically incorporates future amendments to state vehicle license fee law.