S0584.02I

SB 124 - Currently, in certain retail sales transactions, if property is traded-in on a purchase, purchasers must pay a sales or use tax on the excess, if any, of the purchase price of the new item less any trade-in allowance and any applicable rebates.

This act would only authorize the reduction in the purchase price for items used as a trade upon which a sales or use tax was paid. The definition of "motor vehicle" includes "any self-propelled vehicle not operated exclusively upon tracks, except farm tractors", from Section 301.010, "a vehicular-type unit primarily designed to provide temporary living quarters for recreational, camping or travel use, that either has its own motive power, or is mounted on or towed by another vehicle", from Section 700.010, and combination of a truck and trailer as those terms are defined in Section 300.010.

This act is similar to SB 888 (1996).

TOM CRAWFORD