Stimulus Plan
02-21-2009, 01:32 PM
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Stimulus Plan
Sales Tax Deduction for Vehicle Purchases.
The bill provides all taxpayers with a deduction for state and local sales and excise taxes on the purchase of new cars, light truck, recreational vehicles, and motorcycles through 2009. This deduction is subject to a phase-out for taxpayers with adjusted gross income in excess of $125,000 ($250,000 in the case of a joint return).
The bill provides all taxpayers with a deduction for state and local sales and excise taxes on the purchase of new cars, light truck, recreational vehicles, and motorcycles through 2009. This deduction is subject to a phase-out for taxpayers with adjusted gross income in excess of $125,000 ($250,000 in the case of a joint return).
So, it says there is going to be a cut on local and state sales tax, and excise tax. I was just wondering if anyone knows anything more than this? 1.6 billion is going to this, and the car has to be purchases after the date that the stimulus plan was passed. So that sucks for a lot of people. Anyway, any other info would be appreciated. It may be worth while to buy a new car rather than used if they give a pretty big cut...
02-21-2009, 02:23 PM
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A bit off topic, but I'm getting $7,500 back for the purchase of my new home. I missed a $15,000 tax break by two weeks since I closed on Dec.18th and the other tax break was put into place early Jan.
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