Changes to Existing Law
HB1321 — Require that county treasurers calculate excise tax using the amount shown on a bill of sale for a used vehicle sold, leased, or transferred by a person other than a licensed motor vehicle dealer.
1 section modified+1134-0
View:
§ 32-5
New Section+1134
NEW SECTION added to Chapter 32-5
B: At the time an owner sells, leases, or transfers a used vehicle as described in subdivision 32-5B-4(3), the owner must provide to the purchaser a bill of sale, in a form approved by the secretary, which states the total consideration received, in money or otherwise. The purchaser shall submit the bill of sale to the county treasurer within forty-9 five days after the date of the sale, lease, or transfer. The excise tax imposed pursuant to § 32-5B-1 is assessed on: (1) The amount shown on the bill of sale, provided that if a motor vehicle is taken in trade as a credit or part payment on the used vehicle, the credit or trade-in value is deducted from the total consideration; or (2) If a bill of sale is not submitted, or if the used vehicle is transferred without consideration and is not exempt pursuant to § 32-5B-2, the retail value, as stated in a nationally recognized dealers' guide approved by the secretary of revenue, provided that if a motor vehicle is taken in trade as a credit or part payment on the used vehicle, the retail value of the motor vehicle taken in trade is deducted from the total consideration. 20