Bill > SB0998

This bill modifies the definition of "purchase price" under Michigan's Use Tax Act, specifically concerning what is included or excluded when calculating the total amount paid for taxable goods and services. The key change involves the treatment of credits for trade-in vehicles, with the bill removing specific limitations that previously capped the agreed-upon value of a trade-in motor vehicle or recreational vehicle used as part payment for a new or used vehicle. This means that, going forward, the full agreed-upon value of a trade-in vehicle, as long as it's separately stated on the invoice, will be credited towards the purchase price for use tax purposes, without the previous dollar amount restrictions. The bill also makes a technical correction to renumber a subsection related to delivery and installation charges.