Introduced by
Assembly Member
Fuentes |
February 21, 2008 |
(c)(1)The value of licensed vehicles shall be the greater of the fair market value as provided in paragraph (3) or the equity value, as provided in paragraph (5), unless an exemption as provided in paragraph (2) applies.
(2)The entire value of any licensed vehicle shall be exempt if any of the following apply:
(A) It is used primarily for income-producing purposes.
(B)It annually produces income that is consistent with its fair market value, even if used on a seasonal basis.
(C)It is necessary for long distance travel, other than daily commuting, that is essential for the employment of a family member.
(D) It is used as the family’s residence.
(E)It is necessary to transport a physically disabled family member, including an excluded disabled family member, regardless of the purpose of the transportation.
(F)It would be exempted under any of subparagraphs (A) to (D), inclusive, but the vehicle is not in use because of temporary unemployment.
(G)It is used to carry fuel for heating for home use, when the transported fuel or water is the primary source of fuel or water for the family.
(H)The equity value of the vehicle is one thousand five hundred one dollars ($1,501) or less.
(3)Each licensed vehicle that is not exempted under paragraph (2) shall be individually evaluated for fair market value, and any portion of the value that exceeds four thousand six hundred fifty dollars ($4,650) shall be attributed in full market value toward the family’s resource level, regardless of any encumbrances on the vehicle, the amount of the family’s investment in the vehicle, and whether the vehicle is used to transport family members to and from employment.
(4)Any licensed vehicle that is evaluated for fair market value shall also be evaluated for its equity value, except for the following:
(A)One licensed vehicle per adult family member, regardless of the use of the vehicle.
(B)Any licensed vehicle, other than those to which subparagraph (A) applies, that is driven by a family member under 18 years of age to commute to, and return from his or her place of employment or place of training or education that is preparatory to employment, or to seek employment. This subparagraph applies only to vehicles used during a temporary period of unemployment.
(5)For purposes of this section, the equity value of a licensed vehicle is the fair market value less encumbrances.