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MI SB0908
Bill
Status
4/24/2014
Primary Sponsor
David Robertson
Click for details
AI Summary
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Amends the General Sales Tax Act definition of "sales price" to modify the trade-in credit limitation for motor vehicles and recreational vehicles, effective December 15, 2013.
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Changes the annual increase in the trade-in credit cap from $500 to $3,000 per year, beginning January 1, 2015 and each January 1 thereafter.
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Lowers the threshold at which the trade-in credit limitation is removed from $14,000 to $12,000, after which there is no limit on the agreed-upon value of motor vehicles or recreational vehicles used as part payment.
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Removes the condition that annual increases in the trade-in credit cap are contingent upon the repeal of section 105d of the Social Welfare Act (MCL 400.105d).
Legislative Description
Sales tax; collections; reference to the medical assistance program under the social welfare act as a condition for the phaseout of the limitation for the sales tax on the difference; eliminate, increase the permitted annual increase, and lower the cap on the existing limitation. Amends sec. 1 of 1933 PA 167 (MCL 205.51).
Trade, vehicles
Last Action
Referred To Committee On Finance
4/24/2014