SB1387

Oklahoma SB1387 allows the value of a vehicle sold to be deducted from the sales tax on a vehicle purchase.

Oklahoma SB1387 amends sales and use tax exemption provisions to allow the value of a vehicle sold to be deducted from the sales tax on a vehicle purchase. This change applies if an individual sells a vehicle within six months before or after the date of the transfer of title on a vehicle purchased. The bill updates statutory language and specifies that gross receipts shall be calculated based on the difference between the value of the vehicle sold and the actual sales price of the vehicle being purchased. The changes will take effect on November 1, 2026.