Missouri Lawmakers Take Up Sales Tax Break for Car Trade-Ins
Missouri lawmakers are returning to the Capitol to bring back a tax break for multiple vehicle trade-ins.
A special session on the issue began Monday.
Republican Gov. Mike Parson called lawmakers back to work this week after the Missouri Supreme Court in June ruled that state law only allows people to trade in one vehicle to get a discounted sales tax on the net cost of a new car.
Previously, revenue officials allowed people to subtract the value of multiple trade-in vehicles to reduce the sales tax owed.
Revenue Department spokeswoman Anne Marie Moy says that multi-vehicle trade-ins account for an estimated 6%-10% of the total trade-ins each year. That amounts to roughly 8,400-14,000 multi-vehicle trade-ins per year.