Nevada Voters Approve Exemptions for Farm Machinery & Vehicle Trade-Ins

Exemptions relating to farm machinery and vehicle trade-ins were recently approved by Nevada voters. The new amendment to the Nevada Sales and Use Tax Act exempts from state and local tax the “value of any used vehicle taken in trade on the purchase of another vehicle” as well as “the value of farm machinery and equipment.” Both exemptions take full effect on January 1, 2007. (Nevada Ballot Question 8, approved by voters on the November 7, 2006 general election)

Posted on February 14, 2007