| SB 0887 | Modifies the offset for reducing the taxable purchase price of a vehicle |
| Sponsor: | Goode | |||
| LR Number: | 2643S.01I | Fiscal Note: | 2643-01 | |
| Committee: | Ways and Means | |||
| Last Action: | 01/20/04 - Hearing Conducted S Ways & Means Committee | Journal page: | ||
| Title: | ||||
| Effective Date: | August 28, 2004 | |||
SB 887 - This act modifies the current limitation to the reduction in the taxable purchase price of an article by trading- in another item. The act specifies that a purchaser of a motor vehicle, trailer, boat or outboard motor is only allowed a credit for the trade-in of a similar item. Current law also allows a purchaser of a vehicle for agricultural purposes to offset the taxable purchase price with grain or livestock produced by the purchaser. The act removes this exception to the trade-in restriction.
This act is similar to SB 750 (2002) and SB 124 (2003).
JEFF CRAVER