Sales tax: exemptions; offset of the trade in value of personal electronics; provide for. Amends sec. 1 of 1933 PA 167 (MCL 205.51).

Senate Bill 981 amends Michigan's General Sales Tax Act to clarify how trade-in values are treated when calculating sales tax on personal electronics. The bill explicitly includes the credit for any trade-in in the definition of 'sales price,' ensuring that the value of an old item traded in is counted as part of the taxable amount. This change directly affects consumers buying new electronics and retailers selling them, requiring the trade-in value to be included in the total consideration for tax purposes. The legislation focuses on defining specific terms like 'sales price' and 'gross proceeds' to ensure consistent application of the tax law.