HB05083

Connecticut HB05083 raises the sales price threshold for higher sales and use taxes on motor vehicles and limits the tax rate to the portion.

Connecticut HB05083 amends chapter 219 of the general statutes to increase the sales price threshold for motor vehicles subject to a higher seven and three-fourths percent sales and use taxes rate to more than seventy-five thousand dollars. Additionally, it limits the application of this higher tax rate to only the portion of the sales price that exceeds the new threshold amount. This change affects vehicle buyers and sellers by potentially reducing the tax burden on higher-priced vehicles.