Senate Bill 470 Summary

• Allows vehicle owners who sell a vehicle to receive a credit for the county motor vehicle excise surtax paid on that vehicle.

• For surtaxes imposed as a specific amount, the credit equals the entire surtax paid and may only be applied against surtax owed on a vehicle purchased during the same registration year.

• For surtaxes imposed as a percentage amount, the credit is calculated and subject to the same requirements as the excise tax credit under IC 6-6-5-7.2.

• Vehicle owners cannot receive a refund for any unused portion of the credit.

• Effective January 1, 2012.