Bill > HB1447

This bill makes several changes to Oklahoma's tax code, primarily focusing on sales tax and motor vehicle excise tax provisions. The bill removes the previous exemption that allowed motor vehicle sales to be partially exempt from sales tax, effectively ending the practice of calculating sales tax only on the difference between a trade-in vehicle's value and the new vehicle's price. It eliminates language that previously stated motor vehicle sales would not be subject to sales and use taxes from cities, counties, or other jurisdictions. The bill also removes specific provisions related to how sales tax and use tax are calculated and paid for motor vehicles, streamlining the tax collection process. Additionally, the bill reorganizes and renumbers several sections of the tax code, making the exemption and use tax sections more concise. The changes are set to take effect on July 1, 2025, and the bill includes an emergency clause to emphasize the immediate importance of these tax code modifications. These amendments aim to simplify tax collection procedures and potentially increase tax revenue by removing specific exemptions and special calculations for motor vehicle sales.

Budget and Finance

http://www.oklegislature.gov/BillInfo.aspx?Bill=hb1447&Session=2600