Louisiana House Bill 520 proposes specialty license plate for antique vehicle enthusiasts

During a recent meeting of the Louisiana Senate Revenue and Fiscal Affairs Committee, lawmakers discussed a proposed bill aimed at easing the financial burden on antique vehicle owners. Bill 520 seeks to establish a specialty license plate that would allow owners of vehicles over 35 years old to pay a one-time fee of $1,000 in lieu of sales tax, provided the vehicle is sold for over $10,000. This initiative is designed to make it more affordable for collectors to register their vintage cars, which are often not used as daily drivers.

The bill also includes an amendment to create a prestige license plate for Louisiana Innovation, a request from the Department of Economic Development. This addition aims to promote innovation within the state and support local businesses.

Supporters of the bill, including car auctioneer Peter Vicari and car enthusiast Dempsey Pendarvis, testified about the challenges faced by collectors in Louisiana compared to neighboring states like Mississippi. They highlighted that registering a collector car in Mississippi can cost significantly less, which has led many collectors to seek registration elsewhere. Vicari noted that the current system encourages tax avoidance, as some individuals use open titles to evade paying the appropriate sales tax on high-value transactions.

Pendarvis emphasized the economic impact of the collector car community, stating that many parts for these vehicles are purchased locally, generating tax revenue for the state. He argued that the proposed changes would not only benefit collectors but also support local businesses and charitable events associated with car shows.

The committee members expressed interest in the bill and its potential benefits for Louisiana's car enthusiasts. As discussions continue, the proposed legislation could pave the way for a more collector-friendly environment in the state, aligning Louisiana with other states that have successfully fostered a vibrant collector car culture.