Legislative Oversight Committee Concerning Tax Policy. A farm close-out sale, which is a farmer's or rancher's sale by auction or private treaty of all tangible personal property used in carrying on the farming or ranching operations, is exempt from the sales and use tax. The bill excludes motor vehicles that are subject to registration requirements from a farm close-out sale.(Note: This summary applies to this bill as introduced.)

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Statutes affected:
Introduced (01/12/2022): 39-26-102