|SB 0140||Specifies that article used in trade-in to offset sales tax must have had tax paid or been exempted from tax|
|LR Number:||0135S.01I||Fiscal Note:||0135-01|
|Committee:||Ways and Means|
|Last Action:||01/30/01 - Hearing Conducted S Ways & Means Committee||Journal page:|
|Effective Date:||August 28, 2001|
SB 140 - Under current law, if property is traded in on a purchase, purchasers pay sales or use tax only on the excess, if any, of the purchase price of the new item less any trade-in allowance and any applicable rebates.
This act authorizes the reduction in the purchase price of an article if the trade-in has been subject to the imposition of sales or use tax or has been exempted or excluded from such tax. 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.
The act is similar to SB 651 (2000).