North Dakota § 57-39.5-03 Replacement of insured machinery credit

North Dakota Statutes

§ 57-39.5-03 — Replacement of insured machinery credit

North Dakota § 57-39.5-03

Title 57Taxation

Ch. 57-39.5Farm Machinery Gross Receipts Tax

This text of North Dakota § 57-39.5-03 (Replacement of insured machinery credit) is published on Counsel Stack Legal Research, covering North Dakota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.D. Cent. Code § 57-39.5-03 (2026).

Text

When new farm machinery is purchased as a replacement for machinery on which the
insurant has previously paid the gross receipts, sales, or use tax and which was stolen or totally
destroyed, a credit or trade-in credit is allowed against one or more replacement purchases in a
cumulative amount equal to the compensation received for the loss from the insurance
company. The purchaser shall provide the seller with a notarized statement from the insurance
company verifying that the original farm machinery was a total loss and indicating the amount of
compensation. If the full amount of the credit under this section has not been used, the seller
shall retain a copy of the notarized statement and, if the full amount of the credit has been used,
the seller shall retain the original notarized stat

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When new farm machinery is purchased as a replacement for machinery on which the
insurant has previously paid the gross receipts, sales, or use tax and which was stolen or totally
destroyed, a credit or trade-in credit is allowed against one or more replacement purchases in a
cumulative amount equal to the compensation received for the loss from the insurance
company. The purchaser shall provide the seller with a notarized statement from the insurance
company verifying that the original farm machinery was a total loss and indicating the amount of
compensation. If the full amount of the credit under this section has not been used, the seller
shall retain a copy of the notarized statement and, if the full amount of the credit has been used,
the seller shall retain the original notarized statement to verify the amount of credit or trade-in
credit allowed.