Senate Bill 2473 Summary

• Redirects portions of standard license tag fees and distinctive license tag additional fees from the State General Fund to the Motor Vehicle Ad Valorem Tax Reduction Fund created in Section 27-51-105.

• Modifies fee distributions for distinctive license tags (including university emblems, Ducks Unlimited, and Rebuild the Coast.org) to deposit amounts previously designated for the State General Fund into the Motor Vehicle Ad Valorem Tax Reduction Fund instead.

• Removes State General Fund deposits from various distinctive license tag programs (firefighter, law enforcement officer, legislative, antique vehicles, personalized tags, and others) and eliminates or redirects those revenue streams.

• Changes the provision that unexpended amounts above $500,000 in the Department of Revenue License Tag Acquisition Fund lapse annually into the State General Fund, so they will lapse instead into the Motor Vehicle Ad Valorem Tax Reduction Fund.

• Effective July 1, 2024.