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MI SB0776
Bill
AI Summary
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Exempts from use tax the agreed-upon trade-in value of titled or documented watercraft when purchasing a new or used titled or documented watercraft from a watercraft dealer, with "documented" defined as watercraft documented through the United States Coast Guard
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Expands the existing watercraft trade-in exemption (originally effective November 15, 2013) to include Coast Guard documented vessels in addition to state-titled watercraft
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Amends the Use Tax Act (1937 PA 94), specifically sections 205.92 and 205.94 of the Michigan Compiled Laws
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Requires the trade-in value to be separately stated on the invoice, bill of sale, or similar document; exemption does not apply to leases or rentals
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Requires the State Treasurer to estimate annually the revenue lost from aircraft exemptions and deposit that amount from the general fund into the state school aid fund
Legislative Description
Use tax: other; exemptions for certain watercraft; provide for. Amends secs. 2 & 4 of 1937 PA 94 (MCL 205.92 & 205.94).
Watercraft: other
Last Action
Referred To Committee On Finance, Insurance, And Consumer Protection
2/4/2026