SB 769
Modifies provisions regarding sales taxation of trade-in or exchange transactions
Sponsor:
LR Number:
3985S.01I
Committee:
Last Action:
1/19/2010 - Second Read and Referred S Ways and Means Committee
Journal Page:
S131
Title:
Calendar Position:
Effective Date:
August 28, 2010

Current Bill Summary

SB 769 - 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 49 (2009) and Senate Bill 725 (2008).

JASON ZAMKUS

Amendments