The Senate approved two bills authored by Sen. Darcy Jech, R-Kingfisher, that would change how the state collects sales tax on vehicle purchases and how long citizens have to register that new purchase.
SB1486 would modify the formula used to calculate how much sales tax is owed on the purchase of a vehicle. Under current law, sales tax is calculated on the initial cost of the vehicle, even if a trade-in allowance is used to lower the cost of the total purchase.
Jech’s legislation would modify this calculation and base sales tax only on the difference of the price of the new vehicle and the value of the trade-in.
SB 1318 would extend the amount of time a buyer of a vehicle has to register the new purchase with the state by doubling the time frame from 30 to 60 days.