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.
Tenn. Code Ann. § 67-6-388
Exemption from sales and use tax on leased motor vehicles for insurance proceeds paid on damage settlements
Known as the Retailers' Sales Tax Act
The act spans §§ 67–67 (222 sections).
Acts 2004, ch. 823, § 1.
Current official text: Tennessee Code (LexisNexis). Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Tennessee statutes; confirm against the official source for the current text. Not legal advice.