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