This bill amends the current law regarding motor vehicle title exemptions by changing the criteria for exemption from vehicles manufactured before the year 2000 to those that are at least 15 years old. Specifically, it inserts the language "15 years before the current year" in place of the previous stipulation of "2000." However, the exemption does not apply to heavy trucks and truck-tractors with a gross vehicle weight exceeding 18,000 pounds. This change will be implemented on a rolling basis as vehicles reach the 15-year mark. The fiscal impact of this bill is significant, with an estimated decrease in state revenue of approximately $2,000,000 per year due to the reduction in title applications for vehicles that will no longer require a title. Additionally, local revenue is expected to decrease by about $240,000 per year starting in FY 2028, as municipalities receive a portion of highway fund revenue. The Department of Safety anticipates a reduction in expenditures related to direct mailing titles by approximately $44,000 annually. The bill is set to take effect 60 days after its passage.

Statutes affected:
Introduced: 261:3
HB1421 text: 261:3