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2017 Tennessee Code
Title 67 - Taxes and Licenses
Chapter 6 - Sales and Use Taxes
Part 3 - Exemptions
§ 67-6-388. Exemption from sales and use tax on leased motor vehicles for insurance proceeds paid on damage settlements.
Universal Citation: TN Code § 67-6-388 (2017)
Notwithstanding this chapter or any other law to the contrary, there shall be an exemption from sales and use tax otherwise imposed on the gross proceeds of motor vehicle leases for insurance proceeds paid pursuant to a damage settlement by an insurance company to the owner of a leased passenger motor vehicle, where that vehicle has sustained damage that renders the vehicle a salvage vehicle, nonrepairable vehicle or flood vehicle, and the owner transfers title to such damaged vehicle to the insurance company.
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