(a) As used in this section, “motorboat” means the same as defined in § 27-101-103.
(b) (1) (A) On or before the time for applying for a certificate of number as prescribed by § 27-101-304, a consumer shall pay to the Secretary of the Department of Finance and Administration the tax levied by this chapter and all other gross receipts taxes levied by the state with respect to the sale by a motorboat dealer of a new or used motorboat required to be numbered in this state.(B) The tax levied by this chapter or other gross receipts taxes levied by the state shall not be collected by the motorboat dealer.(2) The secretary shall require the payment of the taxes at the time of registration before issuing a certificate of number for the new or used motorboat.(3) If the consumer fails to pay the taxes when due:(A) There is assessed a penalty equal to ten percent (10%) of the amount of taxes due; and(B) The consumer shall pay to the secretary the penalty under subdivision (b)(3)(A) of this section and the taxes due before the secretary issues a certificate of number for the motorboat.
(1) (A) On or before the time for applying for a certificate of number as prescribed by § 27-101-304, a consumer shall pay to the Secretary of the Department of Finance and Administration the tax levied by this chapter and all other gross receipts taxes levied by the state with respect to the sale by a motorboat dealer of a new or used motorboat required to be numbered in this state.(B) The tax levied by this chapter or other gross receipts taxes levied by the state shall not be collected by the motorboat dealer.
(A) On or before the time for applying for a certificate of number as prescribed by § 27-101-304, a consumer shall pay to the Secretary of the Department of Finance and Administration the tax levied by this chapter and all other gross receipts taxes levied by the state with respect to the sale by a motorboat dealer of a new or used motorboat required to be numbered in this state.
(B) The tax levied by this chapter or other gross receipts taxes levied by the state shall not be collected by the motorboat dealer.
(2) The secretary shall require the payment of the taxes at the time of registration before issuing a certificate of number for the new or used motorboat.
(3) If the consumer fails to pay the taxes when due:(A) There is assessed a penalty equal to ten percent (10%) of the amount of taxes due; and(B) The consumer shall pay to the secretary the penalty under subdivision (b)(3)(A) of this section and the taxes due before the secretary issues a certificate of number for the motorboat.
(A) There is assessed a penalty equal to ten percent (10%) of the amount of taxes due; and
(B) The consumer shall pay to the secretary the penalty under subdivision (b)(3)(A) of this section and the taxes due before the secretary issues a certificate of number for the motorboat.
(c) (1) When a used motorboat is taken in trade as a credit or part payment on the sale of a new or used motorboat by a motorboat dealer, the tax levied by this chapter and all other gross receipts taxes levied by the state shall be paid on the net difference between the total consideration for the new or used motorboat sold and the credit for the used motorboat taken in trade.(2) (A) (i) When a motorboat dealer removes a motorboat from its inventory and the motorboat is used by the dealership as a service motorboat, the dealer shall obtain a certificate of number, register and obtain a certificate of title, and pay sales tax on the listed retail price of the new motorboat.(ii) (a) When the motorboat dealer returns the service motorboat to inventory as a used motorboat and replaces it with a new motorboat for dealership use as a service motorboat, the dealer shall pay sales tax on the difference between the listed retail price of the new service motorboat to be used by the dealership and the value of the used service motorboat being returned to inventory.(b) The value of the used service motorboat shall be the highest listed wholesale price reflected in the most current edition of a publication that is generally accepted by the motorboat industry as providing an accurate valuation of used motorboats.(B) (i) As used in this subsection, “service motorboat” means a motorboat driven exclusively by an employee of the dealership and used either to transport dealership customers or dealership parts and equipment.(ii) “Service motorboat” does not include a motorboat that is rented by the dealership, used as a demonstration motorboat, or used by a dealership employee for personal use.
(1) When a used motorboat is taken in trade as a credit or part payment on the sale of a new or used motorboat by a motorboat dealer, the tax levied by this chapter and all other gross receipts taxes levied by the state shall be paid on the net difference between the total consideration for the new or used motorboat sold and the credit for the used motorboat taken in trade.
(2) (A) (i) When a motorboat dealer removes a motorboat from its inventory and the motorboat is used by the dealership as a service motorboat, the dealer shall obtain a certificate of number, register and obtain a certificate of title, and pay sales tax on the listed retail price of the new motorboat.(ii) (a) When the motorboat dealer returns the service motorboat to inventory as a used motorboat and replaces it with a new motorboat for dealership use as a service motorboat, the dealer shall pay sales tax on the difference between the listed retail price of the new service motorboat to be used by the dealership and the value of the used service motorboat being returned to inventory.(b) The value of the used service motorboat shall be the highest listed wholesale price reflected in the most current edition of a publication that is generally accepted by the motorboat industry as providing an accurate valuation of used motorboats.(B) (i) As used in this subsection, “service motorboat” means a motorboat driven exclusively by an employee of the dealership and used either to transport dealership customers or dealership parts and equipment.(ii) “Service motorboat” does not include a motorboat that is rented by the dealership, used as a demonstration motorboat, or used by a dealership employee for personal use.
(A) (i) When a motorboat dealer removes a motorboat from its inventory and the motorboat is used by the dealership as a service motorboat, the dealer shall obtain a certificate of number, register and obtain a certificate of title, and pay sales tax on the listed retail price of the new motorboat.(ii) (a) When the motorboat dealer returns the service motorboat to inventory as a used motorboat and replaces it with a new motorboat for dealership use as a service motorboat, the dealer shall pay sales tax on the difference between the listed retail price of the new service motorboat to be used by the dealership and the value of the used service motorboat being returned to inventory.(b) The value of the used service motorboat shall be the highest listed wholesale price reflected in the most current edition of a publication that is generally accepted by the motorboat industry as providing an accurate valuation of used motorboats.
(i) When a motorboat dealer removes a motorboat from its inventory and the motorboat is used by the dealership as a service motorboat, the dealer shall obtain a certificate of number, register and obtain a certificate of title, and pay sales tax on the listed retail price of the new motorboat.
(ii) (a) When the motorboat dealer returns the service motorboat to inventory as a used motorboat and replaces it with a new motorboat for dealership use as a service motorboat, the dealer shall pay sales tax on the difference between the listed retail price of the new service motorboat to be used by the dealership and the value of the used service motorboat being returned to inventory.(b) The value of the used service motorboat shall be the highest listed wholesale price reflected in the most current edition of a publication that is generally accepted by the motorboat industry as providing an accurate valuation of used motorboats.
(a) When the motorboat dealer returns the service motorboat to inventory as a used motorboat and replaces it with a new motorboat for dealership use as a service motorboat, the dealer shall pay sales tax on the difference between the listed retail price of the new service motorboat to be used by the dealership and the value of the used service motorboat being returned to inventory.
(b) The value of the used service motorboat shall be the highest listed wholesale price reflected in the most current edition of a publication that is generally accepted by the motorboat industry as providing an accurate valuation of used motorboats.
(B) (i) As used in this subsection, “service motorboat” means a motorboat driven exclusively by an employee of the dealership and used either to transport dealership customers or dealership parts and equipment.(ii) “Service motorboat” does not include a motorboat that is rented by the dealership, used as a demonstration motorboat, or used by a dealership employee for personal use.
(i) As used in this subsection, “service motorboat” means a motorboat driven exclusively by an employee of the dealership and used either to transport dealership customers or dealership parts and equipment.
(ii) “Service motorboat” does not include a motorboat that is rented by the dealership, used as a demonstration motorboat, or used by a dealership employee for personal use.
(d) All parts and accessories purchased by motorboat dealers for resale or used by motorboat dealers for the reconditioning or rebuilding of used motorboats intended for resale are exempt from gross receipts tax, provided that the motorboat dealer meets the requirements of § 26-52-401(12)(A) and applicable rules promulgated by the secretary.
(e) This section does not repeal any exemption from this chapter.
(f) A credit is not allowed for sales or use taxes paid to another state with respect to the purchase of a motorboat that first obtained a certificate of number or title by the purchaser in Arkansas.
(g) (1) (A) Except as provided in subdivision (g)(1)(B) of this section, a motorboat dealer with a permit under § 27-101-302(5) who has purchased a used motorboat may pay the applicable fees and apply for a certificate of number for the used motorboat for the sole purpose of obtaining a certificate of title to the used motorboat without payment of gross receipts tax.(B) (i) The sale of a motorboat from the original franchise dealer to any other dealer, person, corporation, or other entity other than a franchise dealer of the same make of motorboat and which sale is reflected on the statement of origin shall be subject to gross receipts tax.(ii) The motorboat shall be considered a used motorboat that shall have a registered certificate of number and be titled, and tax shall be paid at the time of application for a certificate of number.(2) If a certificate of number is issued for a motorboat under § 27-101-302(5)(C), the used motorboat titled by a dealer under this subsection shall not be operated on the waters of this state unless there is displayed on the used motorboat the identifying certificate of number issued under § 27-101-302(5)(C).
(1) (A) Except as provided in subdivision (g)(1)(B) of this section, a motorboat dealer with a permit under § 27-101-302(5) who has purchased a used motorboat may pay the applicable fees and apply for a certificate of number for the used motorboat for the sole purpose of obtaining a certificate of title to the used motorboat without payment of gross receipts tax.(B) (i) The sale of a motorboat from the original franchise dealer to any other dealer, person, corporation, or other entity other than a franchise dealer of the same make of motorboat and which sale is reflected on the statement of origin shall be subject to gross receipts tax.(ii) The motorboat shall be considered a used motorboat that shall have a registered certificate of number and be titled, and tax shall be paid at the time of application for a certificate of number.
(A) Except as provided in subdivision (g)(1)(B) of this section, a motorboat dealer with a permit under § 27-101-302(5) who has purchased a used motorboat may pay the applicable fees and apply for a certificate of number for the used motorboat for the sole purpose of obtaining a certificate of title to the used motorboat without payment of gross receipts tax.
(B) (i) The sale of a motorboat from the original franchise dealer to any other dealer, person, corporation, or other entity other than a franchise dealer of the same make of motorboat and which sale is reflected on the statement of origin shall be subject to gross receipts tax.(ii) The motorboat shall be considered a used motorboat that shall have a registered certificate of number and be titled, and tax shall be paid at the time of application for a certificate of number.
(i) The sale of a motorboat from the original franchise dealer to any other dealer, person, corporation, or other entity other than a franchise dealer of the same make of motorboat and which sale is reflected on the statement of origin shall be subject to gross receipts tax.
(ii) The motorboat shall be considered a used motorboat that shall have a registered certificate of number and be titled, and tax shall be paid at the time of application for a certificate of number.
(2) If a certificate of number is issued for a motorboat under § 27-101-302(5)(C), the used motorboat titled by a dealer under this subsection shall not be operated on the waters of this state unless there is displayed on the used motorboat the identifying certificate of number issued under § 27-101-302(5)(C).
(h) (1) For purposes of this section, the total consideration for a used motorboat shall be presumed to be the greater of the actual sales price as provided on the bill of sale, invoice, or financing agreement or the average loan value price of the motorboat as listed in the most current edition of a publication that is generally accepted by the industry as providing an accurate valuation of used motorboats.(2) If the published loan value exceeds the invoiced price, the taxpayer shall establish to the secretary's satisfaction that the price reflected on the invoice or other document is true and correct.(3) If the secretary determines that the invoiced price is not the actual selling price of the motorboat, the total consideration shall be the published loan value.
(1) For purposes of this section, the total consideration for a used motorboat shall be presumed to be the greater of the actual sales price as provided on the bill of sale, invoice, or financing agreement or the average loan value price of the motorboat as listed in the most current edition of a publication that is generally accepted by the industry as providing an accurate valuation of used motorboats.
(2) If the published loan value exceeds the invoiced price, the taxpayer shall establish to the secretary's satisfaction that the price reflected on the invoice or other document is true and correct.
(3) If the secretary determines that the invoiced price is not the actual selling price of the motorboat, the total consideration shall be the published loan value.