Exempts from sales tax the trade-in values of motorcycles and proceeds from unrecovered stolen or total loss of motorcycles.
Rhode Island S2230 exempts from sales tax the trade-in values of motorcycles and the proceeds received from an unrecovered stolen or total loss of a motorcycle. This means that when a motorcycle is traded in or stolen and not recovered, the value or proceeds related to that motorcycle will not be subject to sales tax. This change aims to provide relief to motorcycle owners in specific situations.
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