Bill No. 1604 amends the vehicle excise tax regulations in Oklahoma, specifically addressing the transfer of vehicle ownership and certain exclusions. The bill establishes that an excise tax will be levied on the transfer of legal ownership of vehicles registered in the state, with specific rates for all-terrain vehicles, motorcycles, and utility vehicles used exclusively off roads and highways. Notably, the bill introduces new exclusions for transfers made without consideration between legal guardians and children, as well as between grandparents and grandchildren. Additionally, it clarifies that the excise tax will not apply to certain transfers involving express trusts.

The bill also outlines provisions for tax credits related to new vehicles that replace stolen or defective vehicles, ensuring that the excise tax paid on the original vehicle can be credited towards the replacement. Furthermore, it specifies that the term "new vehicle" includes the latest manufactured models owned by licensed used motor vehicle dealers that have not been previously registered in the state. The act is set to take effect on November 1, 2025.

Statutes affected:
Introduced: 68-2103
Floor (House): 68-2103
Engrossed: 68-2103