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MARQUETTE, MI – (Great Lakes Radio News) – The Michigan Senate this morning approved legislation designed to improve car and boat sales, by taxing those sales only on the difference in price between the new purchase, and a trade-in.
Some other states have passed similar measures. The bill is sponsored by State Senate Republican Dave Robertson of Grand Blanc.
Efforts in previous years to pass such legislation has failed, as critics have questioned which part of the budget should be cut to make up for the loss of tax revenue. The Governor has also raised questions about the legislation, with a spokesperson saying they’d like to work out the state budget before offering any such tax breaks.
The bills will remain a loss of about $13 million per year in tax revenue for the state, according to the State Senate Fiscal agency, although a spokesperson for the Michigan Treasury believes it could total $240 million over ten years.
The bills now go to the Michigan House for consideration.
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