Plain English Breakdown
The effective date of this legislation remains unknown based on the provided source material.
Bill to Remove Higher Sales Tax on Vehicles Under $100,000
This bill changes the law so that motor vehicles costing less than $100,000 no longer pay a higher sales and use tax rate.
What This Bill Does
- Amends Chapter 219 of the general statutes regarding vehicle taxes.
- Increases the price threshold for the seven and three-fourths percent sales and use tax rate to more than $100,000.
Who It Names or Affects
- People buying motor vehicles priced at less than one hundred thousand dollars.
Terms To Know
- Sales price threshold
- The specific dollar amount where a different tax rate begins to apply.
- Seven and three-fourths per cent sales and use taxes rate
- A tax charge of 7.75% on the purchase or use of an item.
Limits and Unknowns
- The bill text does not state a specific date when this change will take effect.
- The source material does not explain what happens to vehicles priced at exactly $100,000 or more than that amount beyond the threshold increase.