Connecticut 2017 Regular Session

Connecticut House Bill HB07315 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New		Differences
1	1		General Assembly Raised Bill No. 7315
2	2		January Session, 2017 LCO No. 5545
3		-	_____~~HB07315FIN~~__~~_042817____~~
	3	+	05545_______FIN
4	4		Referred to Committee on FINANCE, REVENUE AND BONDING
5	5		Introduced by:
6	6		(FIN)
7	7
8	8		General Assembly
9	9
10	10		Raised Bill No. 7315
11	11
12	12		January Session, 2017
13	13
14	14		LCO No. 5545
15	15
16		-	_____~~HB07315FIN~~__~~_042817____~~
	16	+	05545_______FIN
17	17
18	18		Referred to Committee on FINANCE, REVENUE AND BONDING
19	19
20	20		Introduced by:
21	21
22	22		(FIN)
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24	24		AN ACT CONCERNING THE PURCHASE OF A REPLACEMENT MOTOR VEHICLE IN A BUYBACK PROGRAM.
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26	26		Be it enacted by the Senate and House of Representatives in General Assembly convened:
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28	28		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 Subdivision (4) of section 12-430 of the general statutes is repealed and the following is substituted in lieu thereof (Effective from passage):
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30	30		(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.
31	31
32	32		(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.
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34	34		(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.
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39	39		This act shall take effect as follows and shall amend the following sections:
40	40		Section 1 from passage 12-430(4)
41	41
42	42		This act shall take effect as follows and shall amend the following sections:
43	43
44	44		Section 1
45	45
46	46		from passage
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48	48		12-430(4)
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	50	+	Statement of Purpose:
50	51
	52	+	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.
51	53
52		-	FIN Joint Favorable
53		-
54		-	FIN
55		-
56		-	Joint Favorable
	54	+	[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.]