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2011 Senate Bill 127: Vehicle trade-in “sales tax on the difference” only
Introduced by Sen. David Robertson (R) on February 9, 2011 To exempt from sales tax the value of a trade-in on the purchase of a new motor vehicle or titled watercraft. The buyer would only pay tax on the difference between the value of the trade-in and the purchase price of the new item.   Official Text and Analysis.
Referred to the Senate Finance Committee on February 9, 2011
Reported in the Senate on March 3, 2011 With the recommendation that the bill pass.
Substitute offered in the Senate on May 15, 2012 To phase-in the tax cut in biannual installments through the end of 2017.
The substitute passed by voice vote in the Senate on May 15, 2012
Passed 37 to 1 in the Senate on May 15, 2012 To exempt from sales tax the value of a trade-in on the purchase of a new motor vehicle or titled watercraft. The buyer would only pay tax on the difference between the value of the trade-in and the purchase price of the new item. The tax cut would be phased in biannual installments through the end of 2017.
Received in the House on May 16, 2012
Referred to the House Tax Policy Committee on May 16, 2012
Reported in the House on November 27, 2012 With the recommendation that the substitute (H-2) be adopted and that the bill then pass.

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