Bill > HB2952

This bill modifies how the value of motor vehicles is calculated for excise tax purposes in Oklahoma, specifically by allowing the sales price to be reduced by any trade-in credits or discounts when determining the taxable value. Currently, the value is based on the actual sales price at the time of ownership transfer, and this bill adds a provision that permits subtracting trade-in vehicle credits from the total sales price before calculating the motor vehicle excise tax. The bill will become effective on July 1, 2026, and includes an emergency clause, which means it can take effect immediately upon passage and approval. The change will be implemented by Service Oklahoma, the state agency responsible for vehicle titling and registration, and will require sellers to document the adjusted sales price on the bill of sale or prescribed form when transferring vehicle ownership. This modification could potentially reduce the excise tax burden for consumers who trade in a vehicle as part of their purchase transaction.

Budget and Finance

http://www.oklegislature.gov/BillInfo.aspx?Bill=hb2952&Session=2600