THOUSAND OAKS : Local Officials Back Car-Leasing Tax Bill
Thousand Oaks City Councilman Andy Fox and City Manager Grant Brimhall jetted up to Sacramento on Wednesday to support a state Senate bill that would change the way car-leasing tax revenues are distributed in Ventura County.
SB 602, sponsored by Sen. Cathie Wright (R-Simi Valley), was approved by the Assembly’s Local Government Committee on Wednesday.
Fox and Brimhall didn’t testify, but they stood by as Wright told the committee why she proposed the bill, which could add up to $500,000 to Thousand Oaks city coffers annually.
When cars are sold at the Thousand Oaks Auto Mall, the city benefits directly in the form of sales tax revenue.
But when cars are leased, tax revenues go to a countywide pool, which is then divided between cities in Ventura County. Wright’s bill would funnel the money from leasing agreements arranged within Thousand Oaks directly back to the city.
“The reality is, with economic times what they are, a lot more people are leasing than buying,” Fox said. “We’re losing between $300,000 and $500,000 a year.”
Oxnard officials have sent a letter to state officials in support of the bill.
The next step for the bill is review by the Assembly Appropriations Committee. It has already been approved by the state Senate.
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