HB2967

Oklahoma HB2967 amends the motor vehicle excise tax, modifying the tax on vehicle transfers and clarifying certain exclusions.

Oklahoma HB2967 amends the motor vehicle excise tax by modifying the tax on vehicle transfers and clarifying certain exclusions. The bill specifies that semitrailers used for transporting cargo are subject to the excise tax in lieu of sales and use taxes. It also outlines that the tax does not apply to transfers made without consideration between certain family members. Additionally, the bill provides a credit for excise tax paid on a new vehicle that is replaced within 90 days of purchase if stolen.