Bill Text: CT HB07315 | 2017 | General Assembly | Comm Sub

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Bill Title: An Act Concerning The Purchase Of A Replacement Motor Vehicle In A Buyback Program.

Spectrum: Committee Bill

Status: (Introduced - Dead) 2017-05-10 - File Number 742 [HB07315 Detail]

Download: Connecticut-2017-HB07315-Comm_Sub.html

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General Assembly		Raised Bill No. 7315
January Session, 2017		LCO No. 5545
		*_____HB07315FIN___042817____*
Referred to Committee on FINANCE, REVENUE AND BONDING
Introduced by:
(FIN)

AN ACT CONCERNING THE PURCHASE OF A REPLACEMENT MOTOR VEHICLE IN A BUYBACK PROGRAM.

Be it enacted by the Senate and House of Representatives in General Assembly convened:

Section 1. Subdivision (4) of section 12-430 of the general statutes is repealed and the following is substituted in lieu thereof (Effective from passage):

(4) (A) Where a trade-in of a motor vehicle is received by a motor vehicle dealer, upon the sale of another motor vehicle to a consumer, or where a trade-in of an aircraft, as defined in subdivision (5) of section 15-34, is received by an aircraft dealer, upon the sale of another aircraft to a consumer, or where a trade-in of a farm tractor, snowmobile or any vessel, as defined in section 15-127, is received by a retailer of farm tractors, snowmobiles or such vessels upon the sale of another farm tractor, snowmobile or such vessel to a consumer, the tax is only on the difference between the sale price of the motor vehicle, aircraft, snowmobile, farm tractor or [such] vessel purchased and the amount allowed on the motor vehicle, aircraft, snowmobile, farm tractor or [such] vessel traded in on such purchase.

(B) For purposes of calculating the sale price of a motor vehicle purchased on or after October 1, 2016, a payment received by an individual from a motor vehicle manufacturer as compensation for a motor vehicle that violates federal emission standards, which manufacturer was a party in a court-approved settlement, shall be considered an amount allowed for a motor vehicle traded in if such payment is or was used by the individual to purchase a replacement motor vehicle not more than one year after the individual receives the payment.

(C) When any [such] motor vehicle, aircraft, snowmobile, farm tractor or [such] vessel traded in is subsequently sold to a consumer or user, the tax provided for in this chapter applies.

This act shall take effect as follows and shall amend the following sections:
Section 1	from passage	12-430(4)

FIN

Joint Favorable