SB 0124 Specifies that article used in trade-in to offset sales tax must have had tax paid or been exempted from tax
LR Number:0218S.01I Fiscal Note:0218-01
Committee:Ways and Means
Last Action:02/04/03 - Hearing Conducted S Ways and Means Committee Journal page:
Effective Date:August 28, 2003
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Current Bill Summary

SB 124 - 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.

This act is similar to SB 750 (2002).