MI SB0776

Eliminates the tiered $2,000-$14,000 cap on trade-in value credits for motor vehicles and recreational vehicles, allowing unlimited credit for the agreed-upon value used as part payment starting on the effective date of the amendatory act.

Removes the annual $500-$1,000 increases that were scheduled through 2019 and beyond, replacing the entire tiered limitation structure with an unrestricted trade-in credit policy.

Adds a new exemption allowing delivery and installation charges to be excluded from the purchase price if separately stated on invoices and the taxpayer maintains separate records of transactions for tax purposes, excluding utility sales of electricity, natural gas, or artificial gas.

Requires the Department of Treasury to cancel all outstanding balances on notices of intent to assess and final assessments related to delivery and installation charges issued before April 26, 2023, and prohibits new assessments on such charges for tax periods prior to that date.

Effective only if Senate Bill No. 777 of the 102nd Legislature is enacted into law.