Rep. Rick West, R-Heavener, recently filed legislation that would extend tax-free vehicle title transfers from grandparents to their grandchildren.
Currently an excise tax is levied upon the transfer of legal ownership of any vehicle registered in Oklahoma. Exceptions include people who possess an agricultural exemption, and for title transfers between husband and wife and parent and child.
House Bill 2973 would extend the exemption to grandparents transferring a title to a grandchild, including through family trusts.
“This was a constituent request that makes perfect sense,” West said. “Grandparents should be allowed to transfer the title to their vehicles to their grandchildren without the state taxing the transaction. We already do this for parents and children. It’s time to extend this to grandparents.”
If signed into law, the act would become effective Nov. 1. The bill will be eligible for consideration during the upcoming legislative session, which starts Feb. 5.
Source: House release