State Rep. Jim Runestad today voted to accelerate sales tax relief for Michigan families buying motor vehicles by overriding a gubernatorial veto with his House colleagues.
The House vote means additional tax relief for people buying cars, trucks and SUVs with a trade-in. Current law calls for phasing in planned sales and use tax deductions on purchases including a trade-in through 2039. With today’s vote, the reductions will be fully implemented a decade earlier.
“We’ve done our work in the House and the Senate has done their work to get families more tax relief,” said Runestad, of White Lake, after the House joined the Senate in overriding a veto of legislation from Gov. Rick Snyder. “And I’ve stood by that commitment for the people of our district.”
The Senate bills overwhelmingly approved by the Legislature were vetoed by the governor in July.
The new law speeds reforms approved in 2013, allowing buyers to subtract the value of their trade-ins from the purchase price of a vehicle for sales tax purposes. The accelerated sales tax relief also will apply to boats and recreational vehicles bought with a trade-in.