Revenue and taxation; vehicle excise tax; value; effective date; emergency.

HB 1550 changes how Oklahoma calculates vehicle excise tax by basing the tax value on a percentage of the vehicle's average retail price (from Service Oklahoma's reference guide) instead of the actual sales price. The percentage depends on mileage: 20% for vehicles under 100,000 miles, 40% for 100,000-200,000 miles, and 50% for over 200,000 miles. This affects all vehicle buyers and sellers in Oklahoma who need a title, requiring sellers to document the sales price and vehicle details on the bill of sale. The bill takes effect July 1, 2025, and is designated as an emergency measure.