MI SB0094

Governor veto from July 25, 2017 overridden by 2/3 legislative vote on January 17, 2018, with effective date of January 18, 2018.

Increases trade-in credit limit for motor vehicles and recreational vehicles from $2,000 to $5,000 beginning January 1, 2019, with annual $1,000 increases thereafter until reaching $14,000.

Provides unlimited trade-in credit for motor vehicles once the agreed-upon value limit exceeds $14,000, beginning on the January 1 in which that threshold is reached.

Establishes separate unlimited trade-in credit for recreational vehicles purchased from dealers, effective January 1, 2018, when agreed-upon value is separately stated on invoice or bill of sale.

Adds definitions and clarifications for sales tax purposes including textiles, watercraft dealers, and treatment of third-party price reductions and employee discounts on motor vehicle sales.