Collector Car Tax a Hoax, But This Looming Threat Is Real
By now, most have heard about the Shelby American Automobile Club’s annual April Fool’s prank that went viral. The article about Senator Charles E. Schumer of New York proposing a federal tax on specialty automobiles spread like wildfire through the hobby.
Everyone was relieved that the SAAC article turned out to be a hoax and, on a more positive note, it was great to see how strong the hobby “emergency response” grapevine is coast-to-coast. Wouldn’t it be great if real threats like this one coming out of Connecticut got the same outpouring of concern?
Connecticut Targets Historic Vehicle Owners
The Connecticut State Legislature is actively considering a bill targeted at “collector car” owners that would result in a 400-percent tax increase on the personal property taxes paid for antique vehicles. This move would raise the personal property tax cap from $500 to $2500 for each registered antique car.
The proposed tax increase would apply to registered antique vehicles that are 30 years or older. If a vehicle is registered as a regular driver and not registered as an antique then no property tax cap would apply and the increase could be even greater.
The negative impacts of this proposed tax in HB 5580 are as follows:
- This 400-percent tax increase focuses on one percent of the population, potentially causing an antique vehicle owner to pay more vehicle tax than property tax for their home.
- This attempt to raise $2,000,000 for local municipalities could potentially cost the state money through deferred registration of antique vehicles where people are tempted to register their cars in other states or sell their antique vehicles outright.
- Nationally, antique car owners spend 35 billion dollars each year and donate more than $59 million to charitable organizations. Connecticut car clubs host hundreds of events each year and support for these events, charities and local business revenue could suffer or completely disappear. Fewer antique cars would have a negative overall economic impact in the State of Connecticut.
The HVA urges interested parties to contact Connecticut State Legislators to encourage them to oppose House Bill 5580. Contact information can be found at www.historicvehicle.org/Help-Stop-CT-Tax-Increase.
For more information on legislative initiatives pending in your state—and to find out how you can get involved and have your voice be heard—please visit the Legislative Watch page.