If you are one of many people in the state of Missouri that rely on vehicles that are more than ten years old for daily transportation, buying a car might just get a little less expensive. Missouri state senator, Mike Parson, is sponsoring SB 708, which will exempt vehicles that are ten tears old, and purchased for less than $15,000 from paying sales tax when titled to an owner.
After it was introduced by Senator Parson, the bill was sent to the Senate’s Transportation, Infrastructure, and Public Safety Committee to be reviewed, and have the kinks ironed out of it. The full text of the bill can be reviewed online. The bill looks to repeal Section 144.030, RSMo (Missouri Revised Statutes), and replace it with the text that can be seen at the link above. If the bill passes and is signed by the governor, any vehicle that was built more than ten years ago, and with a current sale price of less than $15,000, will be exempt from state and local sale’s tax when the owner titles the vehicle (Relevant text can be found in subsection 45, line 355).
If SB 708 makes it through the committee and passes, the bill will take effect in late August of this year. Missouri residents that wish to voice their support for this bill should contact members of the Senate’s Transportation, Infrastructure, and Safety Committee.