SUMMARY AS PASSED BY THE SENATE
Senate Bill 160 (as passed by the Senate)
Committee: Finance, Insurance, and Consumer Protection
CONTENT
The bill would amend Public Act 72 of 1979, which requires the Governor to report specified tax information with the annual budget message to the Legislature, to modify a Michigan Compiled Laws (MCL) reference that Senate Bill 159 would amend.
Public Act 72 of 1979 requires the Governor to report an estimate of the amount of use tax forgone under Section 2(f) of the Use Tax Act from the imposition of the tax on the difference between the agreed-upon value of a motor vehicle, trailer coach, or titled watercraft used as part payment of the purchase price (i.e., a trade-in) the full retail price of the vehicle, trailer coach, or watercraft being purchased rather than the full retail price of the vehicle, trailer coach, or titled watercraft. The bill would amend the MCL reference to Section 2(1)(f) and would replace, for the first two uses of the word, "trailer coach" with "recreational vehicle".
MCL 21.276 Legislative Analyst: Jeff Mann
FISCAL IMPACT
The bill would have no fiscal impact on State or local government.
Fiscal Analyst: Joe Carrasco, Jr.
This analysis was prepared by nonpartisan Senate staff for use by the Senate in its deliberations and does not constitute an official statement of legislative intent.