There was a new law passed in Georgia that became effective on January 1, 2020. Here is an overview of everything you need to know about Law SB 65 that was approved by the Georgia General Assembly and signed by Governor Brian Kemp in 2019. This law was put into action to lower sales tax for Georgians buying a car. The tax rate on all car sales will be decreasing to 6.6% from 7%. This essentially amounts to $100 of savings for a $25,000 car! But you should also know that this new law could also raise the overall cost in taxes for people purchasing used cars. This is because used cars have been predominately taxed based on their book value instead of just their sales price. So, if you see an increase in price of used cars, this is why. This law will help buyers by essentially decreasing the total cost you pay after purchasing a new car. For more information, you can visit the Link below!
Lower Sales Tax for Georgians Purchasing a Car