HB 22-1023 Summary

• Excludes motor vehicles subject to registration requirements from the sales and use tax exemption for farm close-out sales.

• Amends the definition of "farm close-out sale" in Colorado Revised Statutes 39-26-102(4) to specify that vehicles registered under Section 42-3-103 are not eligible for the exemption.

• Aligns the treatment of vehicles in farm close-out sales with the existing farm equipment exemption, which already excludes registered motor vehicles.

• Takes effect 90 days after final adjournment of the general assembly, or upon approval by voters in the November 2022 general election if a referendum petition is filed.

• Applies to farm close-out sales occurring on or after the effective date.