This bill amends South Dakota law regarding the determination of the purchase price for used motor vehicles acquired by gift or other transfer. It introduces a new section that specifies that for used motor vehicles acquired for no or nominal consideration, the purchase price can be determined by either the retail value stated in a nationally recognized dealers' guide approved by the secretary of revenue or the actual purchase price as documented by a bill of sale. Additionally, the bill clarifies the definitions and calculations related to the purchase price for both new and used vehicles, including those acquired through trade-ins and leases.

The bill also updates various sections of the existing law, including the removal of outdated references and the adjustment of section numbers to reflect the new insertions. For instance, it replaces the previous section references related to the tax imposed on leased vehicles and clarifies the requirements for vehicle registration and tax payment. Overall, the amendments aim to streamline the process of determining vehicle purchase prices and ensure that tax regulations are clear and up-to-date.

Statutes affected:
Introduced, 01/26/2026: 32-5B-4, 32-5B-21, 32-5B-22, 32-5B-24