Beginning January 1, 2016, owners trading in a motor vehicle when purchasing a new or used vehicle from a Michigan dealership will receive a sales tax credit for the vehicle’s trade-in value up to a maximum of $3,000. This is a $500 increase from the present maximum of $2,500.
Dealers are reminded that a revised RD-108T will be required for 2016 purchases. This form is currently being updated by the Department of State and will be published when finalized. The state will also prepare a handout with information about the revision.
Additional details about this topic will be provided to dealers in the coming weeks.