Okla. bill hopes to lower excise tax on vehicle purchases
The bill would change the way excise tax is calculated on vehicle purchases
LAWTON, Okla. (KSWO) - A current bill making its way through the Oklahoma legislature hopes to change the way excise tax on vehicles is calculated.
Currently, Oklahomans pay taxes on the gross amount of a vehicle’s worth before any trade-in values or rebates are applied.
But, House Bill 1389, written by Miami representative Steve Bashore, is hoping to change that which would mean more savings for Oklahoma vehicle buyers.
If passed, excise tax would begin to be paid on the net amount a person pays for their vehicle, meaning the actual amount after any other outside figures are subtracted from the vehicle’s value.
“This is a pro-consumer bill that figures excise tax on new and used vehicles based on the net purchase price not the gross,” Bashore explained. “Oklahoma tax payers deserve to pay a fair and not inflated prices when purchasing a vehicle, and they deserve to keep more of their hard-earned tax dollars in their own pockets.”
The bill is currently eligible to be considered by the House full Appropriations and Budget Committee after passing the Subcommittee on Finance on Monday.
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