SB 49 Modifies provisions of law regarding the imposition of sales tax on trade-in or exchange transactions
Sponsor: Scott
LR Number: 0260S.01I Fiscal Note:
Committee: Ways and Means
Last Action: 1/22/2009 - Second Read and Referred S Ways and Means Committee Journal Page: S169
Title: Calendar Position:
Effective Date: August 28, 2009

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Current Bill Summary


SB 49 - Under current law, a taxpayer who trades-in or exchanges a motor vehicle, trailer, boat or outboard motor may subtract the value of such transaction from the purchase price of another motor vehicle, trailer, boat or outboard motor if such sale is consummated within one hundred and eighty days of the sale of the original article. If the value of the original transaction equals or exceeds the sale price, no tax is owed. This act allows taxpayers who trade-in or sell a motor vehicle, trailer, boat, or outboard motor for more than the purchase price of another motor vehicle, trailer, boat or outboard motor to apply any excess to any subsequent purchase of such an article within one hundred and eighty days of the original sale of such article. The act extends the same treatment to items replaced due to theft, casualty, or loss.

This act is identical to Senate Bill 725 (2008).

JASON ZAMKUS