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Michigan Legislature OKs speedier tax cut for car buyers

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People who trade in their car to buy a new one would see a sales tax cut phased in more quickly under bills that have passed the Michigan Legislature. A 2013 law lets the buyers of cars, boats and other recreational vehicles subtract the value of their trade-in from the purchase price of a new vehicle for tax purposes. 

The legislation approved 88-19 by the Republican-led House Tuesday night would accelerate the phase-in of the tax break to 2029 - 10 years sooner. The bills' supporters say the law helped boost auto sales and buyers deserve a fully phased-in tax reduction earlier.

It is unclear if Gov. Rick Snyder will sign the legislation. A spokesman says he will make a decision after reviewing the bills.

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