PROPOSED 400% TAX INCREASE FOR CONNECTICUT ANTIQUE CAR OWNERS WOULD HAVE NEGATIVE OVERALL ECONOMIC IMPACT
Connecticut Legislature Targets 1% of State Population in Move to Increase Tax Revenue
Traverse City, Mich. (April 15, 2011) – The Connecticut State Legislature is actively considering a bill targeted at collector car owners that would result in a 400% 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 Historic Vehicle Association, an organization dedicated to protecting the rights of collector car owners, opposes this bill.
“We feel this bill is unfair and discriminatory, won’t accomplish its goal, and could cost more in the long run by losing jobs and reduced economic activity,” says Carmel Roberts, Director of Government Relations for the Historic Vehicle Association. “The negative impacts caused by this proposed tax far outweigh any potential benefit.”
The negative impacts of this proposed tax are as follows:
• This 400% tax increase focuses on one percent of the population potentially causing an antique vehicle owner to pay more vehicle tax than household property tax.
• This attempt to raise $2 million 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 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. Less antique car use would have a negative overall economic impact in the State of Connecticut.
The Historic Vehicle Association urges everyone 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.
The Historic Vehicle Association (HVA) is a 320,000-member organization devoted to all types of vintage vehicles in the United States and Canada. The mission of the HVA is to keep Yesterday’s Vehicles on Tomorrow’s Roads by establishing a collaborative, unified platform among the historic vehicle enthusiasts and supporting the various organizations, institutions and activities that enable us to enjoy historic motoring. Founded in 2010 by Hagerty Insurance, the world’s leading provider of Collector Car Insurance, membership to the HVA is open to any person interested in the preservation of vintage vehicles. For more information, please visit www.historicvehicle.org.