Bill > HB1183

This bill modifies how the value of motor vehicles is determined for the purpose of calculating motor vehicle excise tax in Oklahoma. Previously, the law required that a vehicle's value be within 20% of the average retail price listed in automotive reference materials, and allowed for discounts or trade-in credits to be subtracted from the sales price. The new bill removes the requirement for the sales price to be within 20% of the average retail price and eliminates language about discounts or trade-in credits. The bill still requires the actual sales price to be entered on the bill of sale, along with details like the number of tires and tire rim diameters. Service Oklahoma (the state's vehicle registration agency) will continue to use this information to issue vehicle titles. The changes will take effect on July 1, 2026, giving businesses and government agencies time to adjust to the new valuation method for motor vehicle excise tax calculations.

Budget and Finance

http://www.oklegislature.gov/BillInfo.aspx?Bill=hb1183&Session=2600