MI SB0777

Exempts recreational watercraft from sales tax amounts exceeding $18,000, meaning purchasers pay a maximum of $18,000 in sales tax regardless of the vessel's purchase price

Expands trade-in credit provisions to include US Coast Guard documented watercraft (in addition to state-titled watercraft) when trading in for a new or used watercraft from a dealer

Creates a new sales tax exemption for watercraft purchased with a 15-day permit under Michigan's natural resources and environmental protection act

Defines "recreational watercraft" as vessels used primarily for pleasure or recreation, requiring documentation through state registration or Coast Guard forms indicating recreational/pleasure use

Allows purchasers storing watercraft in Michigan before registering in another state to qualify for the exemption by certifying the vessel will be used primarily for pleasure or recreation