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2003 SESSION
032485836Patrons-- Louderback, Joannou, Johnson, McDonnell, Melvin and Parrish; Senators: Bolling, Colgan and Hanger
Be it enacted by the General Assembly of Virginia:
1. That § 58.1-2405 of the Code of Virginia is amended and reenacted as follows:
§ 58.1-2405. Basis of tax.
A. In the case of the sale or use of a motor vehicle upon which the pricing information is required by federal law to be posted, the Commissioner may collect the tax upon the basis of the total sale price shown on such document; however, if the Commissioner is satisfied that the purchaser has paid less than such price, by such evidence as the Commissioner may require, he may assess and collect the tax upon the basis of the sale price so found by him. In no case shall such lesser price include credits for trade-in or any other transaction of such nature.
B. In the case of the sale or use of a motor vehicle which is not a new motor vehicle, the Commissioner may employ such publications, sources of information, and other data as are customarily employed in ascertaining the maximum sale price of such used motor vehicles but in no case shall any credit be allowed for trade-in, prior rental or any other transaction of like nature.
C. In the case of the sale or use of a motor vehicle, which is not a new motor vehicle but is no more than 5 years old, between individuals who are not required to be licensed as dealers or salespersons under the provisions of §§ 46.2-1508 and 46.2-1908, the sale price shall be determined by means of a recognized pricing guide or if the model and year of the individual automobile are not listed in the recognized pricing guide, the sale price shall be decided on the basis of percentage of original cost as determined by the Commissioner. In using a recognized pricing guide, the Commissioner shall use the base value specified in such guide, which may be either trade-in, average retail, wholesale, or loan value, with no additions for optional equipment or subtractions for mileage, so long as uniformly applied for all types of motor vehicles. If the model and year of the individual motor vehicle are not listed in the recognized pricing guide or the motor vehicle is more than 5 years old, the purchaser of such motor vehicle may present to the Commissioner proof of the total sale price, executed by the seller, and the Commissioner may collect the tax upon the basis of the total sale price shown on such document or otherwise, as determined by the Commissioner. In no case shall any credit be allowed for trade-in, prior rental, or any other transaction of like nature.