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OK SB1053

Bill

Official Source

Status

Introduced

2/1/2016

Primary Sponsor

Dan Newberry

Click for details

Origin

Senate

2016 Regular Session

AI Summary

  • Amends Oklahoma motor vehicle excise tax law (68 O.S. 2011, Section 2104) to modify how vehicle values are determined for tax purposes
  • Requires that for private party sales (between persons not licensed as motor vehicle dealers), the reported vehicle value must be within 20% of the average retail price listed in Oklahoma Tax Commission automotive reference materials
  • Vehicle excise tax is based on the actual sales price before any discounts or trade-in credits are applied
  • Bill of sale must include the actual sales price, number of tires, and tire rim diameters
  • Effective date: November 1, 2016

Legislative Description

Motor vehicle excise tax; modifying application of specified range to value for purpose of levying tax. Effective date.

Last Action

Second Reading referred to Finance

2/2/2016

Committee Referrals

Finance2/2/2016

Full Bill Text

No bill text available