The Vermont Statutes Online
The Statutes below include the actions of the 2024 session of the General Assembly.
NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.
Title 32 : Taxation and Finance
Chapter 233 : Sales and Use Tax
Subchapter 002 : EXEMPTIONS
(Cite as: 32 V.S.A. § 9746)-
§ 9746. Snowmobile, motorboat, and vessel sales [Effective until January 1, 2025; see also V.S.A. § 9746 effective January 1, 2025 set out below]
(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 that 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.)
-
§ 9746. Snowmobile, all-terrain vehicle, motorboat, and vessel sales [Effective January 1, 2025; see also V.S.A. § 9746 effective until January 1, 2025 set out above]
(a) If a person sells a snowmobile, all-terrain vehicle, 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, all-terrain vehicle, motorboat, or vessel; or
(2) damage to such vehicle or vessel that was then accepted without repair as a trade-in by the seller of a new snowmobile, all-terrain vehicle, motorboat, or vessel; and within three months following 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 the purchaser’s 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; 2023, No. 144 (Adj. Sess.), § 14, eff. January 1, 2025.)
