SB 0124 Sales/Use Tax on Trade-Ins
Sponsor:Goode
LR Number:S0584.02P Fiscal Note:0584-02
Committee:Ways and Means
Last Action:04/08/97 - Hearing Conducted H Ways & Means Committee Journal page:
Title:
Effective Date:August 28, 1997
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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 only for trade-in items upon which a sales or use tax has been paid. The act provides a presumption of proper sales and use tax payment on a motor vehicle, trailer, boat, or outboard motor if the item has a valid Missouri certificate of title.
RUSS HEMBREE