General Assembly Proposed Bill No. 5064, introduced by REP. CARNEY of the 23rd District, aims to amend chapter 219 of the general statutes. The bill proposes an increase in the sales price threshold for motor vehicles that are subject to a higher sales and use tax rate. Specifically, the bill seeks to raise the threshold to more than seventy-five thousand dollars for a motor vehicle to be taxed at the seven and three-fourths percent rate.

The purpose of this bill is to adjust the sales price point at which higher sales and use taxes are applied to motor vehicles. By increasing the threshold to over seventy-five thousand dollars, the bill intends to modify the current tax structure, potentially affecting both the automotive market and tax revenues. The bill has been referred to the Committee on FINANCE, REVENUE, AND BONDING for further consideration.