(PRWEB) January 14, 2014
Michigan consumers will no longer be taxed on the full purchase price of new or used motor vehicles, recreational vehicles, or titled watercraft when a consumer provides a trade-in towards a purchase.
Starting December 15, 2013, Public Act 160 phases in an exemption from sales tax on the agreed upon value of a trade-in on the purchase of a new or used motor or recreational vehicle. The "agreed-upon value" of a trade-in must be stated on the invoice given to the purchaser. The exemption that is not subject to sales tax is currently limited to the lesser of the agreed-upon value or $2,000. Starting January 1, 2015, and each January 1 thereafter, the exemption is increased by an additional $500 per year. In the year in which the exemption exceeds $14,000 and each January 1 thereafter, the full amount of the agreed-upon value is exempt from sales tax.
As of November 15, 2013, the agreed-upon value of a titled watercraft will be exempted from sales tax when used as part payment of the purchase price of a new or used titled watercraft if the agreed-upon value is separately stated on the invoice.
About UHY Advisors
UHY Advisors provides tax and consulting services to a variety of sectors. UHY LLP, a licensed CPA firm, provides audit and other attest services to public and private companies. UHY Advisors FLVS provides forensic, valuation, intellectual property, electronic discovery and international arbitration services to law firms and their clients. Many of these services grew from client business needs and their requests for assistance in a variety of areas of expertise.
UHY Advisors, operating in an alternative practice structure with UHY LLP, forms one of the largest professional services firms in the US. While that scale might provide confidence for some clients, others tell us our greatest value is the way we bring these resources to bear to help address today’s evolving business challenges. It’s a philosophy we call “The Next Level of Service”. To learn more, visit http://www.uhy-us.com.
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UHY Advisors, Inc. provides tax and business consulting services through wholly owned subsidiary entities that operate under the name of “UHY Advisors.” UHY Advisors, Inc. and its subsidiary entities are not licensed CPA firms. UHY LLP is a licensed independent CPA firm that performs attest services in an alternative practice structure with UHY Advisors, Inc. and its subsidiary entities. UHY LLP and UHY Advisors, Inc. are U.S. members of Urbach Hacker Young International Limited, a UK company, and form part of the international UHY network of legally independent accounting and consulting firms. “UHY” is the brand name for the UHY international network. Any services described herein are provided by UHY LLP and/or UHY Advisors (as the case may be) and not by UHY or any other member firm of UHY. Neither UHY nor any member of UHY has any liability for services provided by other members.