Special session motor vehicle trade-in bill approved by Senate Committee
House Bill 1, filed by Rep. Becky Ruth, was passed by the Missouri House yesterday. Today, the Senate Ways and Means Committee, chaired by Sen. Andrew Koenig, unanimously approved the bill and sent it to the full Senate for consideration and a vote as early as tomorrow.
Associated Industries of Missouri supported the bill, along with the automobile and marine dealers, recreational vehicle dealers, and the Missouri Department of Revenue.
Acting Director of Revenue Ken Zellers testified that the Department appealed the AHC decision that had been issued in favor of the taxpayer because they wanted clarity. He said earlier decisions had left the issue unclear.
The Department has a regulation in effect that allows sales tax credit for multiple trade-ins. The trade-in credit is important to companies that have more than one vehicle (fleets, etc.), but also very important to individuals purchasing vehicles and selling their current vehicles.