Vicari Auction Supports Louisiana Specialty License Plate Bill
The Vicari Auction company is actively supporting Bill HB520, which is set to be heard on Tuesday, May 6, at 9 a.m. in the Ways and Means Committee at the state Capitol. The bill proposes a specialty license plate fee of $1,000 in lieu of sales tax for antique vehicles, which are defined as at least 25 years old and valued at $10,000 or more.
The primary aim of Bill HB520 is to reinstate legislation that encourages antique automobile transactions within Louisiana by establishing a standardized fee that alleviates the financial burden of high sales tax rates. This initiative is expected to promote transparency and boost the local antique auto market.
Furthermore, nine other states currently provide favorable tax treatment for antique vehicle sale transactions, indicating a need for similar measures in Louisiana to remain competitive and support local businesses.
Potential Benefits of Bill HB520
- Increase in antique automobile activities within Louisiana.
- Enhanced ancillary business activities through related services such as specialty paint shops and mechanics.
- Promotion of the antique automobile industry through car shows, auctions, and community events.
Auction Details
Location: Vicari Auction, 1900 Destrehan Ave, Harvey, LA 70058
To learn more, visit the Vicari Auction website for further updates.
