Sales and use tax; allowing the value of vehicle sold to be deducted from sales tax on vehicle purchase. Effective date.

Summary

The bill changes Oklahoma’s sales‑and‑use tax rules so that when a person buys a motor vehicle, the taxable amount is reduced by the value of any vehicle they sold within six months before or after the purchase. If a buyer paid tax on the full price and then sells a vehicle within six months, they can receive a refund equal to 1.25% of the sold vehicle’s value, up to the amount of tax they paid. The change is intended to lessen the tax burden for people trading vehicles.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

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