Vermont § 9746 - Snowmobile, all-terrain vehicle, motorboat, and vessel sales

§ 9746. Snowmobile, all-terrain vehicle, motorboat, and vessel sales

• (a) If a person sells a snowmobile, all-terrain vehicle, motorboat, or vessel and within
  three months purchases another such vehicle or vessel, “sales price” for purposes
  of the tax on the new vehicle or vessel shall exclude the lesser of: (1) the sale price of the first vehicle or vessel; or (2) the average book value at the time of sale of the first vehicle or vessel. (b) If a person receives payment under a contract of insurance for: (1) total destruction of a snowmobile, all-terrain vehicle, motorboat, or vessel; or (2) damage to such vehicle or vessel that was then accepted without repair as a trade-in
  by the seller of a new snowmobile, all-terrain vehicle, motorboat, or vessel; and
  within three months following such destruction or damage the person purchases another
  snowmobile, motorboat, or vessel, “sales price” for purposes of the tax on the new
  vehicle or vessel shall exclude the insurance payment and any trade-in allowance for
  the damaged vehicle. (c) A vendor determining sales price under this section shall obtain in good faith from
  the purchaser, on a form provided by the Department of Taxes and signed by the purchaser
  and bearing the purchaser’s name and address, a certificate of sale or payment of
  insurance proceeds with regard to the first vehicle or vessel. (Added 1987, No. 251 (Adj. Sess.), § 5; amended 1993, No. 49, § 17, eff. May 28, 1993; 1995, No. 29, § 21, eff. April 14, 1995; 2005, No. 94 (Adj. Sess.), § 9, eff. date, see note below; 2023, No. 144 (Adj. Sess.), § 14, eff. January 1, 2025.)