AN ACT RELATING TO TAXATION -- SALES AND USE TAXES -- LIABILITY AND COMPUTATION

This bill amends the state's sales and use tax laws. It creates a new exemption for the trade-in value of certain pickup trucks. Specifically, the trade-in value of a pickup truck under 6,000 pounds gross weight, used exclusively for personal purposes, would be exempt from sales tax. This means individuals trading in such vehicles would pay sales tax only on the cash difference, rather than the full price of the new vehicle.