MI SB0232

Amends the definition of "purchase price" to include trade-in credit limitations for motor vehicles and recreational vehicles effective December 15, 2013.

Limits trade-in credit for motor vehicles and recreational vehicles to the lesser of $2,000 or the agreed-upon value, with the cap increasing by $500 annually starting January 1, 2015.

Removes all limitations on trade-in credit once the annual cap exceeds $14,000.

Clarifies that new vehicle dealers licensed under the Michigan vehicle code do not "convert" vehicles for tax purposes when purchased for resale and not titled in the dealer's name.

Made retroactive to December 15, 2013 and effective immediately upon passage.