59-12-104.3. Credit for certain repossessions of a motor vehicle.
(1) Subject to Subsectionsand, a seller that collects a tax under this chapter on the sale of a motor vehicle may claim a credit for a tax under this chapter for a motor vehicle that: (2) (3) has been repossessed; and that the seller resells. A seller of a motor vehicle other than the seller that collects a tax under this chapter on the sale of that motor vehicle may claim a credit for a tax under this chapter: for a motor vehicle that the seller: repossessed; and resells; and if the seller that collected the tax under this chapter on that motor vehicle: is no longer doing business in this state; and does not owe a tax under this chapter.
(2) The amount of the credit allowed by Subsectionis equal to the product of: (1) the portion of the motor vehicle's purchase price that: was subject to a tax under this chapter; and remains unpaid after the motor vehicle is resold; and the sum of the tax rates imposed: under this chapter; on the motor vehicle's purchase price; and on the date the motor vehicle was purchased by the person that owns the motor vehicle at the time of the repossession.
(3) Except as provided in Subsection, if a seller recovers any portion of a motor vehicle's unpaid purchase price that is used to calculate a credit allowed by Subsection, the seller shall report and remit a tax under this chapter to the commission: (4) (1)(b) on the portion of the motor vehicle's unpaid purchase price that: the seller recovers; and is used to calculate the credit allowed by Subsection; and (1)(b) on a return filed for the time period for which the portion of the motor vehicle's unpaid purchase price is recovered.
(4) A credit under this section may not be reduced by any amount of a motor vehicle's unpaid purchase price that a seller recovers as a result of reselling the vehicle, regardless of whether that amount is included in calculating a credit under this section.