Missouri bill would preserve tax break for car trade-ins
JEFFERSON CITY, Mo. – A Missouri tx break for trading-in multiple vehicles appears to have been preserved by lawmakers, although revenue officials say they never stopped offering it.
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.
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.
Gov. Mike Parson is expected to sign the bill.