32 V.S.A. § 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. (