OK SB1282

Amends the Oklahoma Vessel and Motor Excise Tax Act to change how new vessels and motors are valued for excise tax purposes from the manufacturer's factory-delivered price to the actual sales price before discounts or trade-in credits are applied.

Requires the pre-discount/trade-in value to be within 20% of the average retail price as listed in reference materials prescribed by the Oklahoma Tax Commission.

Changes the valuation basis for used vessels and motors from 65% of the manufacturer's factory-delivered price to 65% of the actual sales price before discounts or trade-in credits.

Removes the Tax Commission's authority to determine the "factory delivered price" while retaining authority to determine the price of any vessel or motor in cases of dispute.

Effective date: November 1, 2010.