Sec. 1. 36 MRSA §1766 is enacted to read:

§1766.__Trade-in credit on leased or rented automobiles

When one or more leased or rented automobiles are traded in toward the sale price of one or more leased or rented automobiles, the tax imposed by this Part may be levied only upon the difference between the sale price of the leased or rented automobiles and the trade-in allowance of the rented or leased automobiles taken in trade.

SUMMARY

This bill proposes to allow a sales tax trade-in credit for leased or rented automobiles.