General Assembly Raised Bill No. 7315
January Session, 2017 LCO No. 5545
*05545_______FIN*
Referred to Committee on FINANCE, REVENUE AND BONDING
Introduced by:
(FIN)
General Assembly
Raised Bill No. 7315
January Session, 2017
LCO No. 5545
*05545_______FIN*
Referred to Committee on FINANCE, REVENUE AND BONDING
Introduced by:
(FIN)
AN ACT CONCERNING THE PURCHASE OF A REPLACEMENT MOTOR VEHICLE IN A BUYBACK PROGRAM.
Be it enacted by the Senate and House of Representatives in General Assembly convened:
Section 1. Subdivision (4) of section 12-430 of the general statutes is repealed and the following is substituted in lieu thereof (Effective from passage):
(4) (A) Where a trade-in of a motor vehicle is received by a motor vehicle dealer, upon the sale of another motor vehicle to a consumer, or where a trade-in of an aircraft, as defined in subdivision (5) of section 15-34, is received by an aircraft dealer, upon the sale of another aircraft to a consumer, or where a trade-in of a farm tractor, snowmobile or any vessel, as defined in section 15-127, is received by a retailer of farm tractors, snowmobiles or such vessels upon the sale of another farm tractor, snowmobile or such vessel to a consumer, the tax is only on the difference between the sale price of the motor vehicle, aircraft, snowmobile, farm tractor or [such] vessel purchased and the amount allowed on the motor vehicle, aircraft, snowmobile, farm tractor or [such] vessel traded in on such purchase.
(B) For purposes of calculating the sale price of a motor vehicle purchased on or after October 1, 2016, a payment received by an individual from a motor vehicle manufacturer as compensation for a motor vehicle that violates federal emission standards, which manufacturer was a party in a court-approved settlement, shall be considered an amount allowed for a motor vehicle traded in if such payment is or was used by the individual to purchase a replacement motor vehicle not more than one year after the individual receives the payment.
(C) When any [such] motor vehicle, aircraft, snowmobile, farm tractor or [such] vessel traded in is subsequently sold to a consumer or user, the tax provided for in this chapter applies.
This act shall take effect as follows and shall amend the following sections:
Section 1 from passage 12-430(4)
This act shall take effect as follows and shall amend the following sections:
Section 1
from passage
12-430(4)
Statement of Purpose:
To specify that a payment received by an individual from a motor vehicle manufacturer under certain circumstances shall be considered an amount allowed for a motor vehicle traded in if the individual purchases a replacement motor vehicle not more than one year after receiving the payment.
[Proposed deletions are enclosed in brackets. Proposed additions are indicated by underline, except that when the entire text of a bill or resolution or a section of a bill or resolution is new, it is not underlined.]