Okla. Stat. tit. 68, § 68-5401

to be taxed - Minimum retail list price - Exceptions.

A. A tax is hereby imposed, in lieu of the ad valorem tax on

certain items of the whole goods inventories, both new and used

items, owned and/or possessed for sale or lease by retailers of farm

tractors and other equipment as defined by subsection C of this

section.

B. Items to be taxed in lieu of ad valorem pursuant to the

provisions of this section are those items of inventory of whole

goods agricultural equipment and whole goods attachments thereto

received from suppliers of agricultural equipment, if said items

have a retail list price of Five Hundred Dollars ($500.00) or higher

but not including repair or replacement parts. The tax shall be

paid by the dealer on such items in lieu of the annual ad valorem

tax assessment of dealer's average inventory but shall not relieve

any other property of the dealer from ad valorem taxation. Each

dealer shall maintain a sales log for applicable items pursuant to

this section with a serial number where applicable. The log shall

be subject to inspection by county assessors. Equipment sold by

consignment or by auctions where the selling agent does not take

title to the equipment shall continue to be subject to ad valorem

taxation. Sales of covered whole goods items between dealers shall

be considered wholesale transactions and shall not be subject to the

tax imposed by this section until sold at retail.

C. For purposes of this act, a retailer of farm tractors and

other equipment is any person having a franchise or dealer agreement

for selling and retailing farm tractors and farm implements. On and

after January 1, 1993, those business entities which do not have a

franchise or dealer agreement for retailing farm equipment, but

which from time to time publicly buy and sell such farm equipment

shall also be subject to the provisions of this section, and the tax

imposed by this section shall apply to the same items and under the

same conditions as apply to franchised dealers.

D. "Whole goods agricultural equipment" shall be defined as any

machine, including but not limited to a farm tractor, combine, plow

or baler, capable of performing agricultural operations either with

power from its own engine, or when drawn or otherwise moved by

another whole goods unit. "Whole goods attachments" shall be

Oklahoma Statutes - Title 68. Revenue and Taxation Page 1516

defined as those complete attachments which, when fitted to, drawn

or otherwise moved by other equipment, perform specialized

agricultural operations. Such attachments include, but shall not be

limited to, combine headers, mowers, swathers, shredders and

cultivation and haying equipment.