MI SB0777

Removes caps and limitations on trade-in value credits for motor vehicles and recreational vehicles used as part payment for new or used vehicle purchases from dealers.

Eliminates the $2,000 initial limit (starting December 15, 2013), $500 annual increases through 2018, $5,000 limit beginning January 1, 2019, and $1,000 annual increases after 2020 that were previously scheduled.

Allows full credit for the agreed-upon value of trade-in vehicles if separately stated on invoice or bill of sale, without numerical caps.

Clarifies delivery and installation charges as tax-excludable if separately stated on customer invoices and seller maintains separate transaction records.

Requires Department of Treasury to cancel all outstanding assessment balances and cease issuing new assessments for delivery and installation charges on taxes assessed before April 26, 2023.

Makes this bill effective only if Senate Bill No. 776 is also enacted into law.