OKEMOS, Mich. — The Michigan House of Representatives’ Tax Policy committee met June 14 and voted to recommend passage of Senate Bills 94 and 95 to the committee of the whole, the Michigan Association of RVs and Campgrounds reported.
The passage of these bills will allow for full credit of the trade-in value against the purchase of a new or used vehicle, requiring a customer to only pay sales tax on the difference between the trade-in value and the agreed upon price of the new or used vehicle.
The next steps will be a vote of the House of Representatives for passage and, if passed, the bill will pass to the governor for his signature. MARVAC expects the steps to occur in the next several weeks. The new law, if passed, would go into effect beginning Jan. 1.
SOURCE: Michigan Association of RVs and Campgrounds bulletin