CA AB2491

Establishes a separate vehicle license fee adjustment amount for cities incorporating after January 1, 2012, calculated based on population and county vehicle license fee adjustment amounts.

Creates an additional vehicle license fee adjustment amount for cities incorporating after January 1, 2012, for the first five fiscal years (first fiscal year of incorporation plus next four fiscal years thereafter), calculated using a formula based on registered voters and population.

Requires county auditors to allocate these vehicle license fee adjustment amounts from a Vehicle License Fee Property Tax Compensation Fund established in each county treasury, funded from ad valorem property tax revenues otherwise allocated to educational entities.

Mandates that auditors report vehicle license fee adjustment amounts to the Controller by June 30 of each fiscal year.

Provides for state reimbursement of costs mandated by this act if determined by the Commission on State Mandates.