Tennessee § 67-6-388 Exemption from sales and use tax on leased motor vehicles for insurance proceeds paid on damage settlements

Tennessee Statutes

§ 67-6-388 — Exemption from sales and use tax on leased motor vehicles for insurance proceeds paid on damage settlements

Notwithstanding this chapter or any other law to the contrary, there shall be an exemption from sales and use tax otherwise imposed on the gross proceeds of motor vehicle leases for insurance proceeds paid pursuant to a damage settlement by an insurance company to the owner of a leased passenger motor vehicle, where that vehicle has sustained damage that renders the vehicle a salvage vehicle, nonrepairable vehicle or flood vehicle, and the owner transfers title to such damaged vehicle to the insurance company.

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Notwithstanding this chapter or any other law to the contrary, there shall be an exemption from sales and use tax otherwise imposed on the gross proceeds of motor vehicle leases for insurance proceeds paid pursuant to a damage settlement by an insurance company to the owner of a leased passenger motor vehicle, where that vehicle has sustained damage that renders the vehicle a salvage vehicle, nonrepairable vehicle or flood vehicle, and the owner transfers title to such damaged vehicle to the insurance company.

Tennessee § 67-6-388 (Exemption from sales and use tax on leased motor vehicles for insurance proceeds paid on damage settlements) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.