Bill > HB05543

This bill proposes to modify Connecticut's existing sales and use tax law by increasing the sales price threshold for motor vehicles that are subject to a higher tax rate of 7.75%. Currently, motor vehicles above a certain price are taxed at this higher rate, and this legislation would raise that price threshold to more than $75,000. In practical terms, this means that more expensive motor vehicles will now be taxed at the higher rate, potentially generating additional revenue for the state and ensuring that luxury or high-end vehicles contribute a proportionally larger amount to state tax collections. The bill is straightforward in its approach, simply adjusting the existing tax code to reflect a new price point for the higher tax rate on motor vehicle sales.

Budget and Finance

https://www.cga.ct.gov/asp/cgabillstatus/cgabillstatus.asp?selBillType=Bill&bill_num=HB05543&which_year=2025