HB 1989 Summary

• Adds a new sales tax exemption (paragraph 43) for the portion of gross receipts from automobile parts sales that represents core charges received as trade-in value for items being purchased.

• Core charges are exempt from sales tax only when the customer trades in an old article; if no trade-in occurs, sales tax is due on the core charge amount.

• Amends 68 O.S. 2011, Section 1357, which governs Oklahoma Sales Tax Code exemptions.

• Effective date: July 1, 2015, with an emergency clause allowing the act to take effect immediately upon passage and approval.