Senate Bill 1506 Summary

• Modifies 68 O.S. 2011, Section 2104 to change how vehicle values are determined for motor vehicle excise tax purposes

• Replaces the requirement that vehicle value be within 20% of average retail price with a new method using actual sales price adjusted for trade-in discounts or credits

• Removes the constraint limiting vehicle valuation within a specific percentage range of reference materials prescribed by the Tax Commission

• Effective date November 1, 2014