North Carolina: Salvaged Vehicles Exempt from Highway Use Tax
- Aug 28, 2013 | Gail Cole
NC HB 727 describes in detail procedures for transferring the title of a salvaged vehicle. It makes for good reading if you're in the business of salvaging vehicles. Folks more interested in the tax implications of resurrecting an automobile need know only this:
"The tax imposed by this Article does not apply when a certificate of title is issued as the result of a transfer of a motor vehicle to 1) the insurer of the motor vehicle… because the vehicle is a salvage vehicle or 2) a used motor vehicle dealer … because the vehicle is a salvage vehicle that was abandoned."
The act takes effect on October 1, 2013.
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