(a) (1) Any municipal or county sales or use tax levied pursuant to the laws of this state shall be levied and collected only on the first two thousand five hundred dollars ($2,500) of gross receipts, gross proceeds, or sales price on the sale of a:(A) Motor vehicle;(B) Aircraft;(C) Watercraft;(D) Modular home;(E) Manufactured home; and(F) Mobile home.(2) If a sale or lease subject to subdivision (a)(1) of this section involves periodic payments, the applicable sales and use tax shall be:(A) For the purpose of determining the application of the limitation provided under subdivision (a)(1) of this section, applied to the aggregate amount of all periodic payments due on the sale or lease; and(B) Either:(i) Collected on the first periodic payment due on the sale or lease; or(ii) Evenly distributed and collected on each separate periodic payment due on the sale or lease.
(1) Any municipal or county sales or use tax levied pursuant to the laws of this state shall be levied and collected only on the first two thousand five hundred dollars ($2,500) of gross receipts, gross proceeds, or sales price on the sale of a:(A) Motor vehicle;(B) Aircraft;(C) Watercraft;(D) Modular home;(E) Manufactured home; and(F) Mobile home.
(A) Motor vehicle;
(B) Aircraft;
(C) Watercraft;
(D) Modular home;
(E) Manufactured home; and
(F) Mobile home.
(2) If a sale or lease subject to subdivision (a)(1) of this section involves periodic payments, the applicable sales and use tax shall be:(A) For the purpose of determining the application of the limitation provided under subdivision (a)(1) of this section, applied to the aggregate amount of all periodic payments due on the sale or lease; and(B) Either:(i) Collected on the first periodic payment due on the sale or lease; or(ii) Evenly distributed and collected on each separate periodic payment due on the sale or lease.
(A) For the purpose of determining the application of the limitation provided under subdivision (a)(1) of this section, applied to the aggregate amount of all periodic payments due on the sale or lease; and
(B) Either:(i) Collected on the first periodic payment due on the sale or lease; or(ii) Evenly distributed and collected on each separate periodic payment due on the sale or lease.
(i) Collected on the first periodic payment due on the sale or lease; or
(ii) Evenly distributed and collected on each separate periodic payment due on the sale or lease.
(b) This provision shall apply to all municipal and county sales and use taxes adopted before or after this section and shall be in addition to and not in lieu of any other limitations imposed by law.