The bill amends Section 44-18-30 of the General Laws in Chapter 44-18, which addresses 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 as a result of an unrecovered stolen motorcycle or total loss of a motorcycle. The exemption applies only to the motorcycle and is contingent upon the proceeds being in lieu of the benefit prescribed in Section 44-18-21 for total loss or destruction of the motorcycle, and provided that the tax has not been reimbursed as part of the insurance claim or repurchase. This act would take effect upon passage.

Statutes affected:
2230: 44-18-30