AN ACT CONCERNING THE SALES PRICE THRESHOLD OF MOTOR VEHICLES SUBJECT TO A HIGHER SALES AND USE TAXES RATE.

HB 5033 would raise the sales price threshold for motor vehicles subject to a 7.75% sales and use tax rate from $75,000 to a level above $75,000. This change means vehicles priced between $75,000 and the new threshold would no longer be taxed at the higher rate, directly affecting buyers and dealers of luxury vehicles in that price range. The bill adjusts the existing tax law by increasing the price point at which the higher tax rate applies, without altering the 7.75% rate itself. As a result, purchasers of vehicles in the $75,000-$75,000+ range would pay less sales tax.