Tax breaks for new car purchases
03-25-2009, 07:26 PM
#1
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Tax breaks for new car purchases
So I know that part of the economic recovery package (TARP or whatever) was that you'd get some huge tax break if you bought a new car. Does anyone have the details on that? Weighing in on whether or not it's actually smarter to buy a new car and get a tax break versus something that's just a year old to save some bucks.
From what I gather you can deduct the sales tax.
Thanks in advance.
(BTW, I am not starting this thread to debate a new car purchase or take inquiries about what I'm buying)
From what I gather you can deduct the sales tax.
Thanks in advance.
(BTW, I am not starting this thread to debate a new car purchase or take inquiries about what I'm buying)
03-25-2009, 09:07 PM
#2
Don't know the details of that. I know of this proposal, but don't know if it has a slight chance of coming to fruition:
Link: AUTOEXTREMIST.COM
Rep. Betty Sutton, D-Ohio. The Ohio congresswoman is proposing giving consumers vouchers worth $5,000 cash in exchange for turning in vehicles at least eight years old. Under the Consumer Assistance to Recycle and Save bill, or CARS Act, consumers would have to buy a more efficient vehicle than their current model to qualify. The vehicles would also have to have a price tag of $35,000 or less. The bill would also give higher-value vouchers for vehicles assembled in North America - up to $5,000 - versus up to $4,000 vouchers for vehicles assembled outside North America. Consumers could also turn in their vehicles in exchange for a mass transit voucher. This is better than our AE proposal of a week ago, and it needs to be enacted right now. Bravo, Betty.
03-26-2009, 05:15 AM
#3
The original proposal was that you could get a tax rebate on the taxes you paid on the car, up to $1500 or 10% of the value of the car, whatever was less.
The actual stimulus says you can get $200 to $600 back, depending on the price of the car.
http://www.oxfordpress.com/business/conten...09stimcars.html
The actual stimulus says you can get $200 to $600 back, depending on the price of the car.
http://www.oxfordpress.com/business/conten...09stimcars.html
The credit will allow new car buyers to lower their tax liability without having to itemize, giving them $200 to $600 back on their 2009 tax returns. The car must cost $49,500 or less and be purchased after Feb. 16 and before 2010...
03-26-2009, 10:04 AM
#6
^^ That was one of the questions asked of Obama at the White House Town Hall meeting today. But I didn't watch it, so I don't know if it was one of the questions (of thousands submitted) he chose to answer.
03-26-2009, 05:48 PM
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Dam i just did my taxes i need to look into this i just bought a 08 fit in july 08 and traded it for now a new 08 CR that i just payed 35k for. So i should be able to get more back now
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