SB 1281 - This act specifies in the case of sales and leases of motor vehicles, trailers, boats and outboard motors, half of the transaction will be deemed to have been consummated at the address of the seller and half at the address of the purchaser. Motor vehicle dealers are required to collect and remit sales taxes on motor vehicle sales and are considered agents of the department of revenue. The act provides penalties for failures by sellers to timely remit sales tax collections. Sellers who remit taxes on behalf of purchasers will be entitled to a credit on the subsequent quarterly remittance. Where a seller is a motor vehicle dealer or a sale is financed by a financial institution, and the item sold is subsequently repossessed, the requirement that the tax paid be refunded to the purchaser will not apply.