ND HB1292

Amends North Dakota Century Code section 57-40.3-01(5) to define "purchase price" for motor vehicle excise tax purposes as the total amount paid for a motor vehicle, excluding manufacturer incentives or discounts.

Excludes trade-in allowances from the purchase price calculation when a motor vehicle is accepted as trade credit or partial payment on a taxable vehicle purchase.

Allows purchasers whose vehicles were stolen or totally destroyed to claim a credit against replacement vehicle purchases up to the insurance compensation received plus their deductible, with a three-year deadline for submitting notarized insurance documentation.

Limits credits for leased vehicles that are stolen or totally destroyed to the total amount of motor vehicle excise tax paid on the original vehicle.

Establishes that for vehicles acquired by gift or nominal consideration, purchase price includes the average value of similar vehicles as determined by the director of the department of transportation.