§ 9746. Snowmobile, motorboat, and vessel sales
(a) If a person sells a snowmobile, motorboat, or vessel and within three months purchases another such vehicle or vessel, "sales price" for purposes of the tax on the new vehicle or vessel shall exclude the lesser of:
(1) the sale price of the first vehicle or vessel; or
(2) the average book value at the time of sale of the first vehicle or vessel.
(b) If a person receives payment under a contract of insurance for
(1) total destruction of a snowmobile, motorboat, or vessel; or
(2) damage to such vehicle or vessel which was then accepted without repair as a trade-in by the seller of a new snowmobile, motorboat, or vessel; and within three months of such destruction or damage the person purchases another snowmobile, motorboat, or vessel, "sales price" for purposes of the tax on the new vehicle or vessel shall exclude the insurance payment and any trade-in allowance for the damaged vehicle.
(c) A vendor determining sales price under this section shall obtain in good faith from the purchaser, on a form provided by the Department of Taxes and signed by the purchaser and bearing his or her name and address, a certificate of sale or payment of insurance proceeds with regard to the first vehicle or vessel. (Added 1987, No. 251 (Adj. Sess.), § 5; amended 1993, No. 49, § 17, eff. May 28, 1993; 1995, No. 29, § 21, eff. April 14, 1995; 2005, No. 94 (Adj. Sess.), § 9, eff. date, see note below.)
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal insurance products you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with access to legal services through a network of provider law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our provider law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your provider law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal insurance products, and access to the LegalFix network of provider law firms are subject to the LegalFix Terms of Service and Privacy Policy.
