Bart,
Good points.
In Missouri, the law is written that when you obtain title, you pay taxes on the cost to build the car, "less what you have already paid Missouri sales tax on". So if I bought the transmission in Missouri, and the roller from Ohio (Dynamic Motorsports does not collect Missouri sales tax), I am supposed to pay tax on the roller, and not the tranny. You have to send notorized bill of sales for items like the roller, engine, and components, or no title.
This is where my point is, and I think yours also.
See, if I go the TU way, I could have reported that I bought the car for much less than what I did (that is up to each person to decide, I am sure TU would let you say you paid what ever you wanted), and paid sales tax on only that amount to get my Missouri title.
Also, you could say the car was a 1965 car, and avoid paying some $370.00 (this amount is based on the "value" of the vehicle, based on what you paid sales tax) the first year in "Missouri Property Tax". It drops every year there after, but if you owned the car 10 years, you will pay some $3,000.00 in Missouri Property Tax alone. Over the time that you own the car, the total paid in taxes adds up to be a vacation for the family to Disney World
.
Now in Missouri, you can get a waiver for emissions on a hobby car. I have not done it yet, but I am coming up on the requirement quickly. The Federal Government told me I can get a waiver for a car that is not my primary transportation, so we will see.
For the record, my car is titled as a "2002 Specialty Constructed Vehicle"
Eric
