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Trade-in Tax Break May Come to Michigan

 
Trade-in Tax Break May Come to Michigan
Posted October 22nd, 2013 @ 8:53am by The Associated Press

Michigan residents looking to trade in their vehicle for a new one may be in line for a tax break.
 
State lawmakers appear poised to vote to phase out a requirement that buyers pay sales tax on the full price of a car without subtracting the value of their trade-in. Bills are set for votes in the House and Senate Tuesday and could reach Gov. Rick Snyder within days.
 
He has had concerns about lost tax revenue. But with legislators deciding to move forward on legislation already passed earlier in the year, it signals that an agreement is within reach.
 
Snyder spokeswoman Sara Wurfel says he wants to save people money and still ensure Michigan's ``continued fiscal responsibility.''
 
The legislation would apply to the sales of automobiles, watercraft and RVs.

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