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Relating to the clarification of certain provisions regarding taxes imposed on the sale, rental, and use of motor vehicles.
No fiscal implication to the State is anticipated.
Under current law a person in the business of selling, renting, or leasing motor vehicles may take a fair market value tax deduction when purchasing a replacement vehicle. HB 2627 would clarify that the fair market value deduction only applies when both the retired vehicle and the replacement vehicle are titled and used in this state.
HB 2627 does not touch on any liberty principles so Texas Action remains neutral.
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