67-6-388 - Exemption from sales and use tax on leased motor vehicles for insurance proceeds paid on damage settlements. - Tennessee Statutes

67-6-388. Exemption from sales and use tax on leased motor vehicles for insurance proceeds paid on damage settlements.

Notwithstanding the provisions of 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.

[Acts 2004, ch. 823, § 1.]