Requires a regional transit authority that includes portions of a county with a population of more than 1.5 million and that imposes a motor vehicle excise tax to: (1) Establish a market value adjustment program to be implemented by December 31, 2017; and

(2) Under the program, provide a credit against the motor vehicle excise tax due.

Requires the regional transit authority, in consultation with the department of licensing, to develop a system to issue refunds of credits with respect to vehicles for which the registrations were renewed before January 1, 2018.

Requires the department of licensing to, if it enters into a contract with a regional transit authority for the collection of a motor vehicle excise tax, and after the authority implements a market value adjustment program, clearly indicate, when notifying taxpayers of the expected tax due and when collecting the tax: (1) The amount of tax owed under current law;

(2) The amount of credit applied; and

(3) The net result.