For Larimer County the use rate is the same as the sales tax rate, .8%. You may be required to submit legal documentation that you and your spouse or party to a civil union were married or became a party to the civil union at the time the tax was paid out-of-state. You should also be prepared to submit documentation that the tax was paid and the amount of tax paid.

This excise tax is reported and remitted on a quarterly basis electronically. No permit other than an Iowa sales or use tax permit is required to collect the automobile rental tax. Vehicles purchased, leased or rented by the federal government and its agencies are not charged sales tax. If due date is a weekend or holiday, the return is due the next business day.There is a 5 percent penalty if you don’t pay by the due date. A 20 percent penalty is charged for not filing a return within 30 days of the due date.

Income Tax

Typically you will use different sales journals such as new car retail, new car fleet, new car commercial, etc. to track your different types of sales transactions. Your basic sales document is the motor vehicle contract and sales agreement, usually containing four copies for the deal jacket, customer, financing company, and your own files. When you loan a vehicle to a customer whose vehicle is being repaired or serviced under a mandatory warranty, standard manufacturer’s warranty or mandatory safety recall, generally, no additional tax is due. The loan is considered part of the original vehicle sales contract that includes the mandatory or standard manufacturer’s warranty. A mandatory safety recall is treated like a mandatory warranty and is considered covered as part of the original sales contract.

The tax due is based on the fair market value of the watercraft or share of the watercraft. If you acquire the aircraft by purchase from a person or business that is not in the business of selling aircraft at retail, you must pay tax on the aircraft’s purchase price. If the aircraft’s purchase price is less than the fair market value, you must pay tax on the aircraft’s fair market value on the date acquired or the date brought into Illinois, whichever Motor Vehicle Sales And Use Tax is later. If you acquire a share of an aircraft, tax is based on the purchase price or fair market value of the share acquired. There is no provision for a trade-in allowance under Aircraft Use Tax. The tax due is based on the fair market value of the aircraft or share of the aircraft. The tax is calculated based on the retail sales price paid by the lessor to the dealer “agreed upon value of the vehicle” as stated in the lease agreement.

County Assessor

Colorado will give the buyer credit for state sales tax paid up to 2.9% of the purchase price. $150 applies to passenger vehicles and fire trucks registered, or applying for registration, as Collector, Classic, Street Rod and Pioneer, regardless of actual purchase price or fair market value of vehicle.

Sales tax is not charged on snowplows, dump trucks and other motor vehicles purchased by a town to be used exclusively for road maintenance. It does not include statutory or home rule charter cities, counties or special taxing districts. If you acquire the watercraft by purchase from a person or business that is not in the business of selling watercraft at retail, you must pay tax on the watercraft’s purchase price. If the watercraft’s purchase price is less than the fair market value, you must pay tax on the watercraft’s fair market value on the date acquired or the date brought into Illinois, whichever is later. If you acquire a share of a watercraft, tax is based on the purchase price or fair market value of the share acquired. There is no provision for a trade-in allowance under Watercraft Use Tax.

County Commissioner

Online Registration – Register with us for your seller’s permit and apply for any of the licenses, permits, or accounts listed above, or add a business location to an existing account. To help you better understand the tax obligations specific to car dealerships, we have created this guide detailing the tax issues and information important to your business. Documentation from another value source, such as National Auto Dealers Association or Kelley Blue Book that cites a lower average retail value for the vehicle or vessel. The purchase price will be accepted if it is within $2,000 of the value cited by the alternate source. Either photocopies of printed materials or a printout from the Internet are acceptable. If you can provide proof that the person who gave you the vehicle or vessel paid sales or use tax on the vehicle or vessel, no use tax is due. The rate of tax paid to that state or territory is greater than or equal to the Massachusetts use tax rate.

When you assign vehicles to employees other than salespersons, it is presumed it is for business purposes or personal use unless you can clearly establish otherwise. You generally do not have to report and pay California sales or use tax on a vehicle that is sold and delivered outside of California, for use outside California. You must obtain and keep copies of government purchase orders or remittance advices to support your nontaxable sales to the United States Government. For more information about your new reporting and/or payment requirements as a used vehicle dealer, please see our Frequently Asked Questions for Used Vehicle Dealers.

Tax Guide for Motor Vehicle Dealers

You are allowed credit for sales taxes paid to another state; however, if you pay tax to another state at less than the Illinois rates, you must pay Illinois the difference. No credit shall be given for taxes paid in another state if that state does not grant similar credit to substantially identical taxes paid in Kentucky. Trailers sold with a manufacturer’s certificate of origin and required to be registered with the DMV are subject to the privilege and use taxes. https://turbo-tax.org/ These taxes also apply to sales of recreational vehicles, including travel trailers and fifth-wheels that meet the taxability criteria. The full list of vehicles subject to the privilege and use taxes is available above. If you don’t have a physical presence in Oregon you may still choose to collect and remit the vehicle use tax on behalf of your customers. If you collect and remit the tax, you must do so for all motor vehicles you sell that are subject to the tax.

If you rent a vehicle to a salesperson, you must report and pay use tax on the rental receipts. A salesperson specifically refers to employees who directly participate in negotiating sales. The following information assumes you purchased the vehicle in question with a resale certificate. If you use items for personal or business use that you purchased without paying tax, you owe use tax measured by its purchase price. Some of the most common items you may owe use tax on are listed below. For example, a manufacturer offers a $1,000 rebate to your customer on the purchase of a car. The customer then assigns the rebate to you as part of their down payment on the vehicle.