Plain English Breakdown
The effective date is missing from the provided official materials.
Raising the Price Limit for Higher Car Sales Tax
This bill changes the law so that the price limit before a higher sales tax applies to motor vehicles is raised to more than $75,000.
What This Bill Does
- Increases the sales price threshold for motor vehicles subject to a special tax rate to more than seventy-five thousand dollars.
- Amends chapter 219 of the general statutes.
Who It Names or Affects
- People who buy or use motor vehicles priced over seventy-five thousand dollars
Terms To Know
- Sales price threshold
- The specific dollar amount where a higher tax rate begins to apply.
- Seven and three-fourths per cent sales and use taxes rate
- A special tax charge of 7.75% that applies to motor vehicles above the price threshold.
Limits and Unknowns
- The official text does not state when this change will take effect.
- The bill only mentions increasing the limit but does not specify if other tax rates are changing.