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Bill > S0031


RI S0031

RI S0031
Exempts the trade-in value of pickup trucks weighing fourteen thousand pounds (14,000 lbs.) or less from sales and use tax.


summary

Introduced
01/23/2025
In Committee
01/23/2025
Crossed Over
Passed
Dead
06/20/2025

Introduced Session

2025 Regular Session

Bill Summary

This act would exempt the trade-in value of pickup trucks weighing fourteen thousand pounds (14,000 lbs.) or less from sales and use tax. This act would take effect upon passage.

AI Summary

This bill amends the Rhode Island sales and use tax law to exempt the trade-in value of pickup trucks weighing fourteen thousand pounds (14,000 lbs.) or less from sales tax. Specifically, the bill modifies an existing provision in the tax code that currently allows a sales tax exemption for trade-in values of private passenger automobiles by expanding this exemption to include pickup trucks with a gross vehicle weight of 14,000 pounds or less. This means that when a person trades in a qualifying pickup truck towards the purchase of a new or used vehicle, the value of the trade-in will be subtracted from the purchase price before calculating the sales tax owed. The bill is straightforward and will take effect immediately upon passage, providing a tax benefit to consumers purchasing pickup trucks in Rhode Island by reducing the amount of sales tax they will need to pay.

Committee Categories

Budget and Finance

Sponsors (6)

Last Action

Committee recommended measure be held for further study (on 05/01/2025)

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