HB1141

This bill adds a new option for calculating the purchase price of used vehicles given as gifts or transferred between non-dealers—allowing the county treasurer to use the retail value listed in a national pricing guide (like Kelley Blue Book) if no bill of sale is submitted, instead of automatically assessing tax on the full retail value. Currently, South Dakota taxes gifts and non-dealer transfers based on the retail value when documentation isn't provided; this change gives taxpayers an alternative method that may result in lower tax assessments.

AI-generated summary