Michigan Legislature OKs speedier tax cut for car buyers

LANSING, Mich. (AP) -- 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.