We have to point out the significance and impact to this story:

Michigan residents looking to trade in their vehicle for a new one may be in line for a tax break. State lawmakers appear poised to vote to phase out a requirement that buyers pay sales tax on the full price of a car without subtracting the value of their trade-in. Bills are set for votes in the House and Senate today and could reach Gov. Rick Snyder within days. Snyder has already expressed concerns about lost tax revenue, but with legislators deciding to move forward on legislation already this year, it signals that n agreement is within reach. This legislation would apply to the sales of automobiles, watercraft, and RVs.

Wouldn't the impact and significance be the same that it's possible Michigan vehicle buyers could get a tax break?
or how could you differentiate?

Yes, for the significance. The impact could be that it would increase sales and manufacturing of new cars.

thanks ms. sue!

You're welcome, Blaze.

The impact and significance of this story can be seen in a few different aspects.

Firstly, the potential tax break for Michigan residents looking to trade in their vehicles is significant for car buyers in the state. It means that they may be able to save money when purchasing a new vehicle by not having to pay sales tax on the full price of the car, but instead only on the net price after deducting the value of their trade-in. This could make buying a new car more affordable for many people and potentially stimulate the automotive industry in Michigan.

Secondly, the fact that state lawmakers are considering phasing out the requirement for sales tax on the full price of a car without deducting the value of a trade-in shows a recognition of the potential benefits of such a tax break. It indicates that legislators are listening to the needs and concerns of their constituents and are willing to take action to support the automotive market and encourage more vehicle purchases.

Additionally, the involvement of Governor Rick Snyder and his expressed concerns about lost tax revenue adds another layer of significance to the story. The fact that the legislation could potentially reach the governor's desk suggests that there is ongoing negotiation and discussion between lawmakers and the executive branch. This highlights the balance between providing tax relief to residents and considering the potential impact on state revenue.

In summary, the significance and impact of this story lie in the potential tax break for Michigan vehicle buyers, the recognition by lawmakers of the benefits of such a tax break, and the ongoing negotiation between legislators and the governor.