Bill > HB1023

This bill modifies Oklahoma's vehicle excise tax regulations by updating how vehicle value is determined for tax purposes. The bill requires that the vehicle's value be calculated based on its actual sales price after trade-in discounts, but also mandates that this price must be within 20% of the average retail price listed in automotive reference materials. Sellers must now include specific details on the bill of sale, including the vehicle's sales price, number of tires, and tire rim diameters. Service Oklahoma (the state's vehicle registration agency) is required to issue a vehicle title upon receiving a properly completed bill of sale and payment of applicable taxes and fees. Additionally, the bill introduces a new reporting requirement, mandating that Service Oklahoma submit a comprehensive report to state leadership by November 1, 2026, detailing the fiscal impact of the motor vehicle excise tax over the previous three years, future projections, and other relevant implementation information. The bill will become effective on November 1, 2025, providing time for agencies and businesses to prepare for the new requirements.

Budget and Finance

http://www.oklegislature.gov/BillInfo.aspx?Bill=hb1023&Session=2600