HB 4252 Summary

• Amends the General Sales Tax Act to modify the definition of "sales price" and establish a phased increase in trade-in allowances for motor vehicles and recreational vehicles beginning January 1, 2018.

• Increases the cap on trade-in credit for motor vehicles and recreational vehicles from $2,000 (through December 31, 2017) to $4,000 (January 1-December 31, 2018) and $5,000 (beginning January 1, 2019).

• Provides for annual increases of $1,000 to the trade-in cap beginning January 1, 2020, with no limitation on the trade-in value once the cap reaches $14,000.

• Clarifies exclusions from sales price including financing charges, consumer taxes, employee discounts on motor vehicles, and trade-in allowances for titled watercrafts when separately itemized.

• Adds credit for core charges attributable to recycling fees, deposits, or disposal fees for motor vehicle or recreational vehicle parts and batteries when separately stated on invoices.