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Sept. 16, 2019Jefferson City, MO |  By: John Coffey

MO tax break for trade-ins preserved

A Missouri tax break for trading-in multiple vehicles appears to have been preserved by lawmakers although revenue officials say they never stopped offering it.

Missouri senators voted 29-0 Friday to pass a bill ensuring people and businesses can continue getting a discounted sales tax on a new vehicle after trading-in multiple used cars, boats and other vehicles.
Revenue officials for years have allowed reduced sales taxes on the price of a new car minus the value of used trade-ins. But Missouri Supreme Court judges in June ruled the tax break only applies to one-to-one trade-ins.

First District State Representative Allen Andrews of Grant City says it was necessary for the General Assembly to act on the measure last week.

"There was people who were not able to take advantage of the change with the Supreme Court ruling.  People were hurting because of it.  So it was a matter of trying to call it in for special session to try to take care of people as quickly as we could before the precedents get set."

Spokeswoman Anne Marie Moy says the Revenue Department has continued to allow sales tax discounts for multi-vehicle trade-ins as the agency works to change its regulations.
Gov. Mike Parson is expected to sign the bill.