The bill amends Section 44-18-30 of the General Laws in Chapter 44-18, focusing on sales and use tax exemptions. It introduces a new provision that exempts from sales tax the trade-in value of motorcycles and the proceeds received from an insurance claim for an unrecovered stolen motorcycle or a motorcycle deemed a total loss. This exemption applies only to the motorcycle and is contingent upon the tax not being reimbursed as part of the insurance claim or repurchase.

The bill specifies that the term "motorcycle" refers to the vehicle itself and includes conditions related to the exemption for total loss or destruction of the motorcycle. The act is set to take effect upon passage.

Statutes affected:
41: 44-18-30