This bill amends Section 2103 of Title 68 of the Oklahoma Statutes, which pertains to the vehicle excise tax on the transfer of vehicle ownership. The amendments include modifications to the list of excluded transfers, specifically adding legal guardianship and grandparent-grandchild transfers to the list of transactions that are exempt from the excise tax. Additionally, the bill clarifies that transfers made without consideration between individuals such as spouses, parents, legal guardians, and grandparents are not subject to the excise tax.

Furthermore, the bill introduces a credit for excise tax paid on a new vehicle that is replaced due to theft or defects, allowing the credit to be applied to the excise tax due on the replacement vehicle. The definition of "new vehicle" is also expanded to include the latest manufactured models owned by licensed used motor vehicle dealers that have not been previously registered in the state. The provisions of this act will take effect on November 1, 2026.

Statutes affected:
Introduced: 68-2103