The bill amends existing laws regarding the sales tax applicable to custom manufactured homes, modular homes, mobile homes, and specifically includes park model units. It authorizes the Secretary of the Department of Finance and Administration to adopt an alternative method for determining the total consideration for the sale of these homes. The definition of "acquisition price" is expanded to include park model units, and the sales tax provisions are updated to reflect this inclusion. Additionally, the bill clarifies that sellers of manufactured homes, modular homes, and park model units must obtain a permit and report sales to the Secretary, ensuring compliance with tax collection.

An emergency clause is included in the bill, stating that recent changes in the Department of Finance and Administration's interpretation of park model units have caused confusion and inequities in tax treatment. The bill aims to rectify this situation by reaffirming the tax status of park model units as manufactured homes, thus eliminating additional tax liabilities for purchasers and streamlining the title issuance process. The act is set to take effect immediately upon approval by the Governor or under specified conditions if not vetoed.

Statutes affected:
SB 566: 26-52-514(a)