Senate votes to give a tax break to new car buyers - Camaro5 Chevy Camaro Forum / Camaro ZL1, SS and V6 Forums

69 rs/ss · 02-03-2009, 07:57 PM

WASHINGTON – The Senate voted Tuesday to give a tax break to new car buyers, setting aside bipartisan concerns over the size of an economic stimulus bill with a price tag approaching $900 billion. The vote was 71-26 to allow many car buyers to claim an income tax deduction for the cost of automobile sales taxes and interest payments on car loans.

The provision was attached to the economic stimulus bill at the heart of President Barack Obama's economic recovery plan and is subject to change or even elimination as the measure makes its way toward final passage.

http://news.yahoo.com/s/ap/20090203/...gress_stimulus

kdbolt70 · 02-03-2009, 07:59 PM

Quote:

It would apply to the first $49,500 in the price of a new car purchased between last Nov. 12 and Dec. 31, 2009. Individuals with incomes of up to $125,000 and couples earnings as much as $250,000 could qualify, including those who do not itemize their deductions.

Nice!

etrigan · 02-03-2009, 08:03 PM

Holy Schmokes!!! That is great news!

RallyFever · 02-03-2009, 08:05 PM

I like the original proposal better : 7500, 5000, 2500 + sales tax deduction

Sean_W · 02-03-2009, 08:24 PM

Is this something that would benifit us when we buy it, or do we have to wait until next tax time in 2010?

RallyFever · 02-03-2009, 08:24 PM

next tax year

Top Thrill · 02-03-2009, 08:25 PM

I'll take anything they want to give me.

Inspector 17 · 02-03-2009, 08:26 PM

Quote:

Originally Posted by 69 rs/ss

WASHINGTON – The Senate voted Tuesday to give a tax break to new car buyers, setting aside bipartisan concerns over the size of an economic stimulus bill with a price tag approaching $900 billion. The vote was 71-26 to allow many car buyers to claim an income tax deduction for the cost of automobile sales taxes and interest payments on car loans.

The provision was attached to the economic stimulus bill at the heart of President Barack Obama's economic recovery plan and is subject to change or even elimination as the measure makes its way toward final passage.

http://news.yahoo.com/s/ap/20090203/...gress_stimulus

Quote:

Originally Posted by Sean_W

Is this something that would benifit us when we buy it, or do we have to wait until next tax time in 2010?

Since it says it allows a buyer to claim an income tax deduction, I assume that you wouldn't realize it until you file your taxes in 2010.

domano 68 · 02-03-2009, 08:28 PM

Quote:

Originally Posted by 69 rs/ss

WASHINGTON – The Senate voted Tuesday to give a tax break to new car buyers, setting aside bipartisan concerns over the size of an economic stimulus bill with a price tag approaching $900 billion. The vote was 71-26 to allow many car buyers to claim an income tax deduction for the cost of automobile sales taxes and interest payments on car loans.

The provision was attached to the economic stimulus bill at the heart of President Barack Obama's economic recovery plan and is subject to change or even elimination as the measure makes its way toward final passage.

http://news.yahoo.com/s/ap/20090203/...gress_stimulus

Sweet!

Ject · 02-03-2009, 08:31 PM

Quote:

Originally Posted by Top Thrill

I'll take anything they want to give me.

Mr_Draco · 02-03-2009, 08:54 PM

Dang I liked the original a lot better. With this version I would only get back $200 more then I would have the 1st year ($1,100 sales tax and $900 loan interest for a total of $2,000 and I fall in the 10% tax bracket) and only $90 more each year after that for the next 4 years assuming you can do this each year until the car is paid off.

Rodrunner · 02-03-2009, 09:24 PM

Sounds like this is Barbara Mikulski's watered down plan. Not that much help, and I certainly hope it's not just for the year you buy the car, that would make it nearly as worthless as the rest of the Stimulus Bill.

RallyFever · 02-03-2009, 09:32 PM

Quote:

Originally Posted by Mr_Draco

Dang I liked the original a lot better. With this version I would only get back $200 more then I would have the 1st year ($1,100 sales tax and $900 loan interest for a total of $2,000 and I fall in the 10% tax bracket) and only $90 more each year after that for the next 4 years assuming you can do this each year until the car is paid off.

I believe it is just for this tax year - - sorry.

Mr_Draco · 02-03-2009, 09:48 PM

Quote:

Originally Posted by RallyFever

I believe it is just for this tax year - - sorry.

Yea that's what I was thinking as well which makes totally useless for me

02-03-2009, 07:57 PM	#1
69 rs/ss Drives: 1969 rs/ss & 2010 L99 #3747 4/28/09 Join Date: Oct 2008 Location: Albion, NY Posts: 328 View My Garage	Senate votes to give a tax break to new car buyers WASHINGTON – The Senate voted Tuesday to give a tax break to new car buyers, setting aside bipartisan concerns over the size of an economic stimulus bill with a price tag approaching $900 billion. The vote was 71-26 to allow many car buyers to claim an income tax deduction for the cost of automobile sales taxes and interest payments on car loans. The provision was attached to the economic stimulus bill at the heart of President Barack Obama's economic recovery plan and is subject to change or even elimination as the measure makes its way toward final passage. http://news.yahoo.com/s/ap/20090203/...gress_stimulus

02-03-2009, 08:03 PM	#3
etrigan Drives: 2010 2SS/RS Black Camaro Join Date: Oct 2008 Location: Dallas Posts: 307	Holy Schmokes!!! That is great news! __________________ "No matter where you go, there you are." -B.B. VIN #2G1FT1EW6A9106795 1100, Preliminary order accepted:10/13/08 6000, Del. to me:5/20/09

02-03-2009, 08:25 PM	#7
Top Thrill BOD 5/28/09 #13485 Drives: 2010 Camaro 2LT RS Join Date: Jan 2009 Location: Chesapeake, Virginia Posts: 913	I'll take anything they want to give me. __________________

02-03-2009, 09:24 PM	#12
Rodrunner Senior Member Drives: 2010 SS/RS, '06 350Z Join Date: Oct 2008 Location: So. Maryland Posts: 2,333	Sounds like this is Barbara Mikulski's watered down plan. Not that much help, and I certainly hope it's not just for the year you buy the car, that would make it nearly as worthless as the rest of the Stimulus Bill. __________________ 2SS/RS - Black/Black - CGM Rally Stripes - Auto - VIN 10171

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02-03-2009, 08:05 PM	#4
RallyFever Senior Member Drives: 2010 Camaro 2SS Join Date: Oct 2008 Location: Woodbridge, VA Posts: 749	I like the original proposal better : 7500, 5000, 2500 + sales tax deduction

02-03-2009, 08:24 PM	#5
Sean_W Drives: 2010 IOM SS/RS Join Date: Dec 2008 Location: St. Louis, MO Posts: 659	Is this something that would benifit us when we buy it, or do we have to wait until next tax time in 2010?

02-03-2009, 08:54 PM	#11
Mr_Draco Drives: 2SS/RS Join Date: Sep 2008 Location: Western North Carolina Posts: 7,179	Dang I liked the original a lot better. With this version I would only get back $200 more then I would have the 1st year ($1,100 sales tax and $900 loan interest for a total of $2,000 and I fall in the 10% tax bracket) and only $90 more each year after that for the next 4 years assuming you can do this each year until the car is paid off.