HB 4150 Summary

• Amends the General Sales Tax Act to modify the definition of "sales price" and exclusions from the sales tax base.

• Increases the trade-in credit limit for motor vehicles and recreational vehicles from $2,000 to $5,000 beginning January 1, 2015, with annual increases of $1,000 each January 1 thereafter until reaching $14,000.

• Once the trade-in credit limit exceeds $14,000, eliminates all limitations on the agreed-upon value of motor vehicles or recreational vehicles used as part payment.

• Adds definitions for "textiles," "new motor vehicle," and "recreational vehicle" to clarify what items fall under sales tax provisions.

• Maintains existing exclusions from sales price including separately stated financing charges, taxes, third-party discounts, and employee discounts on motor vehicle sales reimbursed by third parties.