The bill amends Sections 1355 and 1404 of the Oklahoma Statutes regarding sales and use tax exemptions for motor vehicles. It expands the exemption for vehicle sales by allowing individuals who sell a vehicle within six months before or after purchasing another vehicle to calculate gross receipts based on the difference between the trade-in value and the purchase price. Additionally, if an individual sells a vehicle within six months after the purchase and has already paid the tax on the full purchase price, they are entitled to a refund of the tax portion equivalent to 1.25% of the sold vehicle's value, not exceeding the total tax paid on the purchased vehicle.

The bill also updates statutory language, including changing "Motor Vehicle Excise Tax" to "motor vehicle excise tax" and "Gasoline Excise Tax" to "gasoline excise tax." Furthermore, it clarifies that the sale of motor vehicles is exempt from any sales and use taxes levied by local jurisdictions. The effective date for the bill is set for November 1, 2026.

Statutes affected:
Introduced: 68-1355, 68-1404