Bill > LD1732

This bill amends the existing Maine excise tax law to allow municipalities the option to waive the excise tax on antique automobiles when the vehicle is owned and registered by an individual who is 65 years of age or older. An antique automobile, as defined in Maine law, is typically a vehicle that is at least 25 years old and maintained in or restored to a condition that is substantially similar to the manufacturer's original specifications. Currently, motor vehicles are subject to an excise tax that decreases over time based on the vehicle's age and original list price, with rates starting at 24 mills (or $24 per $1,000) in the first year and reducing to 4 mills in the 6th and subsequent years. This new provision gives local municipalities the discretion to completely eliminate this tax for qualifying older residents who own vintage or classic cars, potentially providing a financial benefit to seniors who maintain these special vehicles.

Budget and Finance

https://legislature.maine.gov/legis/bills/display_ps.asp?LD=1732&snum=132