This bill enacts a sales and use tax exemption for sales of motor vehicles in separate transactions.
This bill:
- exempts the purchase price of the lower priced motor vehicle when a person buys and sells two motor vehicles in separate transactions;
- provides the method for claiming the sales and use tax exemption;
- imposes a late registration penalty if a person fails to pay the registration fee before the end of the month following the month in which registration expires;
- makes a new registration effective the same month as the previous registration's starting month;
- eliminates the cure period for a person found in violation of motor vehicle or vessel tax and fee requirements before being subject to a penalty;
- redirects penalties for violation of motor vehicle or vessel tax and fee requirements to the General Fund; and
- makes technical and conforming changes.

Statutes affected:
Introduced: 59-12-104
Substitute #2:
Substitute #1: 59-12-104