Bill > S1431

This bill amends Section 4 of Chapter 64I of the General Laws, which pertains to sales of motor vehicles, by changing how the "sales price" is determined for tax purposes. Previously, the sales price was the higher of the actual amount paid by the buyer or the clean trade-in value, regardless of the vehicle's condition. Now, the bill requires that the sales price be the actual amount paid by the purchaser, but this must be documented by a notarized bill of sale. If a notarized bill of sale is not provided, the sales price will be determined by the clean trade-in value of the motor vehicle. This change aims to standardize and potentially increase the taxable sales price of motor vehicles by requiring official documentation.