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

HB 6314 raises the sales price threshold for motor vehicles subject to a 7.75% sales and use tax rate from $75,000 to "more than $75,000." This means vehicles priced at exactly $75,000 or below will now be taxed at the standard rate, while only vehicles priced above $75,000 will face the higher 7.75% tax. The bill directly affects buyers of new or used motor vehicles priced just above $75,000, shifting them from the higher tax bracket to the standard rate. It amends Connecticut’s tax statute to adjust this threshold without changing the tax rates themselves.