House Bill No. 1183, introduced by Grego, amends the existing law regarding the valuation of motor vehicles for the purpose of the motor vehicle excise tax in Oklahoma. The bill specifies that the value of a motor vehicle, excluding manufactured homes, will be determined based on the actual sales price at the time the owner acquires the vehicle. Notably, the bill removes the previous requirement that the vehicle's value must be within twenty percent of the average retail price as listed in automotive reference materials, as well as the stipulation regarding discounts or credits for trade-ins.

The amended law clarifies that the actual sales price will serve as the basis for the motor vehicle excise tax, and it mandates that this price, along with details about the vehicle's tires and rim diameters, be documented on the bill of sale provided by the seller. The bill also outlines the process for issuing a vehicle certificate of title upon receipt of the completed bill of sale and payment of applicable taxes and fees. This act is set to take effect on November 1, 2025.

Statutes affected:
Introduced: 68-2104
House Committee Substitute: 68-2104
Floor (House): 68-2104
Engrossed: 68-2104
Sub Committee OR Policy Committee Recommendations (House) Sub Committee Recommendation: 68-2104