Rep. Rick West, RHeavener, last week won unanimous passage in the House of Representatives of a bill that would extend tax-free vehicle title transfers from grandparents to their grandchildren.
Currently an excise tax is levied upon the transfer of legal ownership of any vehicle registered in Oklahoma. Exceptions include people who possess an agricultural exemption, and for title transfers between husband and wife and parent and child.
House Bill 2973 would extend the exemption to grandparents transferring a title to a grandchild, including through family trusts.
“This is a constituent request bill that would allow a grandparent to gift a car to a grandchild without the motor vehicle excise tax being due,” West said.. We already do this for parents and children. It’s common sense to extend this to grandparents.”
House members agreed with a vote of 830.
HB2973 now moves to the Senate where it is authored by Sen. Warren Hamilton, R-Mc-Curtain.
If signed into law, the act would become effective Nov. 1.
