Michiganders looking to trade in cars or boats for new ones will now receive tax breaks.
Governor Snyder signed the legislation yesterday at a Lansing dealership. The new law will exempt the value of a trade-in from the taxable purchase of a new car, RV or boat. It will go into full effect next Friday for boat buyers but those that are car or RV hunting won't see the savings until December. At that point, however, someone buying a car or RV will initially receive a trade-in value of up to $2,000. That number will increase by $500 annually, for the next 25 years.