Missouri bill to preserve tax break for car trade-ins passes senate
Missouri senators voted 29-0 Friday to pass a bill ensuring people and businesses can continue getting a discounted sales tax on a new vehicle after trading-in multiple used cars, boats and other vehicles.
Gov. Mike Parson discussed the outcome of this week’s special session on Friday.
LIVE PLAYBACK of the press conference can be viewed in the player below.
Revenue officials for years have allowed reduced sales taxes on the price of a new car minus the value of used trade-ins. But Missouri Supreme Court judges in June ruled the tax break only applies to one-to-one trade-ins.
Spokeswoman Anne Marie Moy says the Revenue Department has continued to allow sales tax discounts for multi-vehicle trade-ins as the agency works to change its regulations.
Parson called the special session in August to focus on the bill.
