HSB 619

_____ purchase price for each vehicle subject to registration.18 or other provision of law, the purchase of the vehicle is subject to state sales tax equal to percent and the additional percent local option sales and services tax, if applicable. This bill imposes a fee for new registration in the amount of percent of the purchase price for a motor vehicle years old or older which is primarily of value as a collector’s item and not as transportation. The bill exempts such vehicles from the percent fee for new registration. The bill provides that the percent fee is handled in the same manner as the percent fee under current law. Fees for new vehicle registration are deposited in the road use tax fund. APPLICABLE PENALTIES. A person who willfully makes a false statement in regard to the purchase price of a vehicle subject to a fee for new registration or attempts to evade payment of the required fee, or an Iowa resident found to be in control of a vehicle which is owned by a shell business and for which the fee for new registration has not been paid, is guilty of a fraudulent practice and shall also be assessed a penalty of percent of the amount of the fee for new registration. If a person fails to file a required application or registration on or before the due date, a penalty in the amount of percent of the fee for new registration is added to the registration fee. If a person files a required application or registration with any inaccurate information that results in the person paying less than the full amount of the fee for new registration, a penalty in the amount of percent of the fee for new registration is added to the registration fee.