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Old 02-11-2009, 11:32 PM   #1
beowulf80
 
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Some good news about the "stimulus" bill for Camaro buyers!

Looks like if you buy a Camaro (or any new car) you'll get a nice deduction next year.

"The agreement would allow taxpayers to deduct the sales tax paid on new car purchases, but not the interest on loans for the same vehicles"

http://news.yahoo.com/s/ap/congress_stimulus
http://latimesblogs.latimes.com/upto...xes/index.html

I fully intend on applying the tax refund I'm getting this year to boost my down payment. Somehow I doubt the Pres and democrats in Washington intended this to go to a Camaro purchase, but that doesn't bother me one bit.

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That'll teach you...
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Old 02-11-2009, 11:53 PM   #2
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Thumbs up

Good news.
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Old 02-12-2009, 12:19 AM   #3
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I don't think they care what car you spend it on. They just want auto industry volume to pick up. This recession has done a nice job of quieting the whole green thing down, or drowning it out.

The spending stimulus worries me a bit - it was reckless consumption and risky financing that got us in this mess in the first place. Corporate tax breaks and incentives to save and invest capital would have been better, IMHO, but I digress...
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Old 02-12-2009, 12:19 AM   #4
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It's responsibility that people need, not more money.
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Old 02-12-2009, 05:10 AM   #5
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Just order a Green Camaro. Obama and Palosi are so stupid they won't know the difference!
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Old 02-12-2009, 05:51 AM   #6
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Well dang... doesn't do me much good in SC... our sales tax is capped at $300. Big deduction there...
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Old 02-12-2009, 06:01 AM   #7
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It's responsibility that people need, not more money.
+1000000000000
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Old 02-12-2009, 06:26 AM   #8
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First it was $7500, sales tax, and loan interest. Then it was sales tax and loan interest. Now it's just sales tax?
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Old 02-12-2009, 08:07 AM   #9
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Originally Posted by Croathlete View Post
First it was $7500, sales tax, and loan interest. Then it was sales tax and loan interest. Now it's just sales tax?

Yep....that was the initial proposal. It got wittled away as more parties got involved.

Glad to see the government is gung-ho about reviving the auto industry! (inject undertone of sarcasm here)
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Old 02-12-2009, 08:09 AM   #10
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It's responsibility that people need, not more money.
You have to realize, its hard out here
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Old 02-12-2009, 08:24 AM   #11
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I would love to complain, but I will take it. It is much better than nothing or a sharp stick in the eye.
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Old 02-12-2009, 08:25 AM   #12
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Originally Posted by jachevy28 View Post
Well dang... doesn't do me much good in SC... our sales tax is capped at $300. Big deduction there...
Not much different in NC where sales tax on auto sales is only 3%. I was all excited about the possibility of deducting interest of the loan dang it! That sucks! Guess it's better than nothing though? I'll take it I guess. Another one of those cases where I wish I was never made aware of the possibilities to begin with only to be less enchanted by the end result...
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Old 02-12-2009, 08:33 AM   #13
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Old 02-12-2009, 08:45 AM   #14
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I'll take it...here in St. Louis, new vehicle taxes for a $38K car will cost me about $2700!!!!

I will definitely take that credit!
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