(a) As used in this section, “motorboat” means the same as defined in § 27-101-103.
(b) (1) Upon applying for a certificate of number in this state, a new or used motorboat sold by a motorboat dealer located outside of the state and required to be registered with a certificate of number in this state is subject to the tax levied in this subchapter and all other use taxes levied by the state.(2) (A) (i) On or before the time for applying for a certificate of number as prescribed by § 27-101-304, the applicant for a certificate of number for the motorboat shall pay the taxes to the Secretary of the Department of Finance and Administration.(ii) The tax levied by this chapter or other use taxes levied by the state shall not be collected by the motorboat dealer.(B) The secretary shall collect the taxes before issuing a certificate of number for the motorboat.(3) If the applicant for a certificate of number for a motorboat 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 person making application for a certificate of number for a motorboat 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) Upon applying for a certificate of number in this state, a new or used motorboat sold by a motorboat dealer located outside of the state and required to be registered with a certificate of number in this state is subject to the tax levied in this subchapter and all other use taxes levied by the state.
(2) (A) (i) On or before the time for applying for a certificate of number as prescribed by § 27-101-304, the applicant for a certificate of number for the motorboat shall pay the taxes to the Secretary of the Department of Finance and Administration.(ii) The tax levied by this chapter or other use taxes levied by the state shall not be collected by the motorboat dealer.(B) The secretary shall collect the taxes before issuing a certificate of number for the motorboat.
(A) (i) On or before the time for applying for a certificate of number as prescribed by § 27-101-304, the applicant for a certificate of number for the motorboat shall pay the taxes to the Secretary of the Department of Finance and Administration.(ii) The tax levied by this chapter or other use taxes levied by the state shall not be collected by the motorboat dealer.
(i) On or before the time for applying for a certificate of number as prescribed by § 27-101-304, the applicant for a certificate of number for the motorboat shall pay the taxes to the Secretary of the Department of Finance and Administration.
(ii) The tax levied by this chapter or other use taxes levied by the state shall not be collected by the motorboat dealer.
(B) The secretary shall collect the taxes before issuing a certificate of number for the motorboat.
(3) If the applicant for a certificate of number for a motorboat 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 person making application for a certificate of number for a motorboat 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 person making application for a certificate of number for a motorboat 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) 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 located outside of the state, the tax levied in this subchapter and all other use 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.
(d) This section does not repeal any exemption from this subchapter.
(e) (1) Upon payment of all applicable fees, a motorboat dealer with a permit under § 27-101-302(5) who has purchased a used motorboat from outside of the state may apply for a certificate of number for the motorboat for the sole purpose of obtaining a certificate of title to the motorboat without payment of use tax.(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) Upon payment of all applicable fees, a motorboat dealer with a permit under § 27-101-302(5) who has purchased a used motorboat from outside of the state may apply for a certificate of number for the motorboat for the sole purpose of obtaining a certificate of title to the motorboat without payment of use tax.
(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).
(f) (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 a bill of sale, invoice, or financing agreement or the average loan value of the motorboat as listed in the most current edition of a publication which is generally accepted by the motorboat 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 a bill of sale, invoice, or financing agreement or the average loan value of the motorboat as listed in the most current edition of a publication which is generally accepted by the motorboat 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.