Seriously tempted
04-25-2009, 06:24 AM
#13
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I don't think it is based on model year, just has to be NEW.....you have to purchase after Feb 17 2009 to Dec 31
New car buyers. Purchasers of new cars and trucks will be allowed to deduct sales or excise taxes. This is an above-the-line deduction, so you don't have to itemize to claim it.
The deduction is limited to sales tax on purchases of up to $49,500. The deduction phases out for single taxpayers with adjusted gross income of more than $125,000, and married taxpayers whose AGI exceeds $250,000.
The amount you save will depend on your state sales tax rate and the price of your car or truck. If your state imposes a 4% sales tax and your car costs $40,000, the deduction will reduce your adjusted gross income by $1,600, says tax publisher CCH.
The deduction is limited to car and truck purchases made between the date the bill becomes law and Dec. 31, says Tom Ochsenschlager, vice president of taxation for the American Institute of Certified Public Accountants. Congress "is trying to get people to buy cars right away," he says.
The bill also expands a tax break for people who take public transit to work. The bill allows employees to set aside up to $230 a month in pretax dollars to cover the cost of a bus, train or van pool, up from $120. Employees were already allowed to set aside up to $230 a month for parking. If the employer subsidizes public transportation, employees can receive up to $230 a month without paying taxes on the benefit.
New car buyers. Purchasers of new cars and trucks will be allowed to deduct sales or excise taxes. This is an above-the-line deduction, so you don't have to itemize to claim it.
The deduction is limited to sales tax on purchases of up to $49,500. The deduction phases out for single taxpayers with adjusted gross income of more than $125,000, and married taxpayers whose AGI exceeds $250,000.
The amount you save will depend on your state sales tax rate and the price of your car or truck. If your state imposes a 4% sales tax and your car costs $40,000, the deduction will reduce your adjusted gross income by $1,600, says tax publisher CCH.
The deduction is limited to car and truck purchases made between the date the bill becomes law and Dec. 31, says Tom Ochsenschlager, vice president of taxation for the American Institute of Certified Public Accountants. Congress "is trying to get people to buy cars right away," he says.
The bill also expands a tax break for people who take public transit to work. The bill allows employees to set aside up to $230 a month in pretax dollars to cover the cost of a bus, train or van pool, up from $120. Employees were already allowed to set aside up to $230 a month for parking. If the employer subsidizes public transportation, employees can receive up to $230 a month without paying taxes on the benefit.
04-25-2009, 10:08 AM
#14
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Wow, I wish that would apply on the tax I'll be paying to buyout the S. But that will technically be a used car loan I believe, and won't qualify 
Would save me 8% of $20k.
I'd look at buying an 09 but I hate the freaking TPMS crap they've stuck on the car since 06
Would save me 8% of $20k.I'd look at buying an 09 but I hate the freaking TPMS crap they've stuck on the car since 06
04-25-2009, 11:21 AM
#15
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I'm sure there is a TMPS defeat....I know on Erin'S T'Reg....you can unplug the receiver and use a tool to recode the ECU to tell it it don't have a TPMS system.
04-28-2009, 12:21 PM
#19
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Inskip.....the dealer called me last night, appears that I wasn't the only one who thought it was good.....it sold saturday. I can forward you the email from them.....
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