H537 - Alt. Hwy Use Tax Vehicle Subscriptions. (SL 2019-69)

Overview: S.L. 2019-69 defines "vehicle subscription" for purposes of the application of the alternate highway use tax and sets the tax rate at 5%, which is applied to the gross receipts derived from vehicle subscriptions. Under prior law, these subscriptions were considered short-term rentals by way of an interpretation of the Department of Revenue, which are subject to a rate of 8%.

This act became effective October 1, 2019, and applies to vehicle subscription agreements entered on or after that date.