Bill No. 1604 amends the vehicle excise tax regulations in Oklahoma, specifically addressing the transfer of vehicle ownership and certain exemptions. 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 different types of vehicles, including all-terrain vehicles, motorcycles, and utility vehicles used exclusively off roads and highways. Notably, the bill introduces new exemptions for transfers made without consideration between legal guardians and children, as well as between grandparents and grandchildren, while removing the previous exemption for transfers between spouses and parents and children.

Additionally, the bill outlines provisions for tax credits related to the excise tax paid for new vehicles that are replacements for stolen or defective vehicles. It clarifies the definition of "new vehicle" to include 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