§ 42-3-101 — Legislative declaration

(1) The general assembly declares that its
purpose in enacting this article is to implement by law the purpose and intent of
section 6 of article X of the state constitution, wherein it is provided that The
general assembly shall enact laws classifying motor vehicles and also wheeled
trailers, semitrailers, trailer coaches, and mobile and self-propelled construction
equipment, prescribing methods of determining the taxable value of such property,
and requiring payment of a graduated annual specific ownership tax thereon, which
tax shall be in lieu of all ad valorem taxes upon such property; ....

(2) The general assembly further declares that it intends to classify in this
article the personal property so specified, to prescribe methods by which the
taxable value of such classified property shall be determined, to require payment of
a graduated annual specific ownership tax upon each item of such classified
personal property, and to provide for the administration and collection of such tax,
and for the apportionment and distribution of the revenue derived therefrom.

Legislative History

Source: L. 2005: Entire article amended with relocations, p. 1071, � 2, effective August 8.