| SB 0124 | Sales/Use Tax on Trade-Ins |
| Sponsor: | Goode | |||
| LR Number: | S0584.02P | Fiscal Note: | 0584-02 | |
| Committee: | Ways and Means | |||
| Last Action: | 04/08/97 - Hearing Conducted H Ways & Means Committee | Journal page: | ||
| Title: | ||||
| Effective Date: | August 28, 1997 | |||
SB 124 - Under current law, if property is traded in on a purchase, purchasers pay sales or use tax only on the excess, if any, of the purchase price of the new item less any trade-in allowance and any applicable rebates.
This act authorizes the reduction in the purchase price only
for trade-in items upon which a sales or use tax has been paid.
The act provides a presumption of proper sales and use tax
payment on a motor vehicle, trailer, boat, or outboard motor if
the item has a valid Missouri certificate of title.
RUSS HEMBREE