MI SB0233

Amends the definition of "sales price" under Michigan's sales tax law to include trade-in credits for motor vehicles and recreational vehicles with specified limitations.

Limits trade-in credit for motor vehicles and recreational vehicles to the lesser of $2,000 or the agreed-upon value, effective December 15, 2013.

Increases the trade-in credit limitation by $500 annually beginning January 1, 2015, until the cap exceeds $14,000, at which point the limitation is removed entirely.

Adds definitions for "new motor vehicle," "recreational vehicle," "dealer," and "watercraft dealer" by cross-referencing Michigan Vehicle Code and Natural Resources and Environmental Protection Act.

Effective retroactively to December 15, 2013, with immediate enactment upon governor approval on February 2, 2016.