MI SB1072

Modifies the definition of "sales price" under Michigan's General Sales Tax Act by replacing the phrase "through" with "to" in references to subparagraphs listing inclusions and exclusions from taxable sales price.

Increases the trade-in value credit limit for motor vehicles and recreational vehicles from $5,000 to $7,000 (2020), $9,000 (2021), $11,000 (2022), and $13,000 (2023), with increases of $2,000 annually beginning January 1, 2023.

Removes all limitations on the agreed-upon value of motor vehicles used as part payment once the credit limit exceeds $14,000, beginning on January 1 of the applicable year and each January 1 thereafter.

Updates legislative language by replacing "shall be" with "is" in multiple statutory provisions to modernize the bill's wording without changing substantive meaning.

Applies these modifications to sales of new and used motor vehicles and recreational vehicles purchased from dealers, with separately stated values on invoices required.