Computation of Use Tax Applicable to the Transfer of a Motor Vehicle From Inventory
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Notwithstanding other provisions of this chapter to the contrary, use tax applicable to the transfer of a motor vehicle from inventory by an automobile manufacturer for its own use shall be computed as provided in this section. The tax shall be levied at the rate of tax levied on the sale of tangible personal property at retail by § 67-6-202 and shall be computed for each month during the term of use by multiplying the tax rate by an amount equal to one forty-eighth (1/48) of the wholesale price of the motor vehicle.
For purposes of this section, “wholesale price” means the price at which motor vehicles of the same make and model were regularly sold to automobile dealers at the time the vehicle was removed from inventory.