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Tuesday, 22 October 2013 14:17

Michigan vehicle buyers will get a tax break

LANSING, Mich. (AP) - Michigan residents who trade in their vehicle for a new one will get a tax break under a deal struck between lawmakers and Gov. Rick Snyder. The House and Senate on Tuesday voted to phase out a requirement that buyers pay sales tax on the full price of a car or RV without subtracting the value of their trade-in. The legislation is expected to win final approval Wednesday. Starting in December, buyers will no longer pay the 6 percent sales tax on $2,000 or the value of their trade-in, whichever is less. Each year after, the value of the trade-in that would lower the tax bill would rise $500. Michigan is among just six states to make car buyers pay sales tax on the full price without subtracting their trade-in.