HB 22-1023
signedFarm Close-out Exemption Exclude Motor Vehicles
Plain-English Summary
AI-generatedHouse Bill 22-1023, which has been signed into law, changes the rules for farmers and ranchers who are closing down their operations. Previously, all items sold during a close-out sale were exempt from sales tax. This bill now requires that motor vehicles, like tractors or trucks used on the farm but subject to registration, be taxed when sold in such a sale. The law affects only those selling registered motor vehicles as part of a farm's liquidation process and does not change how other farming equipment is treated for tax purposes.
Official Summary
Legislative Oversight Committee Concerning Tax Policy. A farm close-out sale, which is a farmer's or rancher's sale by auction or private treaty of all tangible personal property used in carrying on the farming or ranching operations, is exempt from the sales and use tax. The bill excludes motor vehicles that are subject to registration requirements from a farm close-out sale.(Note: This summary applies to this bill as introduced.)
Details
- Chamber
- House
- First action
- 2022-02-03
- Latest action
- 2022-01-12
- Last action desc.
- Introduced In House - Assigned to Finance
- OpenStates
- View source ↗
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