(a) Notwithstanding other provisions of this chapter to the contrary, use tax applicable to the transfer of a motor vehicle from inventory by an automobile manufacturer for its own use shall be computed as provided in this section. The tax shall be levied at the rate of tax levied on the sale of tangible personal property at retail by § 67-6-202 and shall be computed for each month during the term of use by multiplying the tax rate by an amount equal to one forty-eighth (⁄) of the wholesale price of the motor vehicle.
(b) For purposes of this section, “wholesale price” means the price at which motor vehicles of the same make and model were regularly sold to automobile dealers at the time the vehicle was removed from inventory.
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 plans 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 easy access to affordable legal services through a network of independent 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 network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network 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 plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.