The Oklahoma Senate passed a measure Thursday to modify how vehicle sales tax is calculated.
A 1.25 percent sales tax is levied on a vehicle’s full price when a vehicle is purchased under current law. However, the legislation passed by the Senate on Thursday – Senate Bill 1619 – “would be based on the difference between the actual sales price of a vehicle and the value of a trade-in, if applicable,” according to a State Senate news release.
“Right now, if you buy a $15,000 vehicle, you pay sales tax on that price even if you traded in your car to make the purchase more affordable,” said Senator Darcy Jech (R-Kingfisher), the author of the bill. “If Senate Bill 1619 is signed into law and you buy a car for $15,000, but trade in your vehicle for a $10,000 credit, you would only have to pay sales tax on the $5,000 you actually paid.”
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by Hicham Raache
March 5, 2020