2013 Vermont Statutes
Title 32 Taxation and Finance
Chapter 233 SALES AND USE TAX
§ 9746 Snowmobile, motorboat, and vessel sales

9746. Snowmobile, motorboat, and vessel sales

(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 which 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.)