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A BILL TO BE ENTITLED
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AN ACT
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relating to a motor vehicle sales tax exemption for the trade-in of |
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older vehicles. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter E, Chapter 152, Tax Code, is amended |
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by adding Section 152.090 to read as follows: |
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Sec. 152.090. TRADE-IN OF OLDER MOTOR VEHICLES. (a) The |
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taxes imposed by this chapter do not apply to the sale of a new motor |
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vehicle in which all or part of the consideration for the sale is a |
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motor vehicle taken by the seller that was manufactured on or before |
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December 31, 1993. |
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(b) The comptroller by rule shall establish procedures |
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relating to the administration of the exemption allowed under this |
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section. |
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SECTION 2. The change in law made by this Act does not |
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affect taxes imposed before the effective date of this Act, and the |
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law in effect before the effective date of this Act is continued in |
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effect for purposes of the liability for and collection of those |
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taxes. |
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SECTION 3. This Act takes effect September 1, 2007. |