Ga. car tax law makes leasing less attractive - FOX 10 News | myfoxphoenix.com

Ga. car tax law makes leasing less attractive

ATLANTA (AP) - A new law on Georgia car taxes has made leasing a vehicle a less attractive and more expensive option than buying a car outright.

The Atlanta Journal-Constitution (http://bit.ly/Uzy1FH) reports a bill that eliminated the birthday tax on new cars does not account for car leases - which represents about 42% of new car transactions in the state.

After March 1, consumers who buy new cars will pay a single 6.5% sales tax at the time of purchase. Consumers who lease cars will pay the same 6.5% title tax as people who buy cars outright, but will also have to continue paying monthly sales taxes in the jurisdiction the car was leased in.

The newspaper reports state lawmakers will likely tweak the car tax bill this year.

 

Information from: The Atlanta Journal-Constitution, http://www.ajc.com

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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