Michigan SB0998 modifies use tax collections by adjusting the credit for trade-in vehicles.

Michigan SB0998 amends the state's use tax collection rules by modifying the credit for trade-in vehicles. It adjusts the agreed-upon value of a motor vehicle or recreational vehicle used as part payment, with specific caps and annual increases. The bill also details conditions for credits, including third-party reimbursements and documentation requirements. These changes affect consumers and sellers involved in vehicle purchases and trades, impacting how use tax is calculated and credited.

Michigan SB0998 modifies use tax collections by adjusting the credit for trade-in vehicles.

Michigan SB0998 amends the state's use tax collection rules by modifying the credit for trade-in vehicles. It adjusts the agreed-upon value of a motor vehicle or recreational vehicle used as part payment, with specific caps and annual increases. The bill also details conditions for credits, including third-party reimbursements and documentation requirements. These changes affect consumers and sellers involved in vehicle purchases and trades, impacting how use tax is calculated and credited.