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Old 02-03-2009, 07:57 PM   #1
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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
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Old 02-03-2009, 07:59 PM   #2
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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!
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Old 02-03-2009, 08:03 PM   #3
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Holy Schmokes!!! That is great news!
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Old 02-03-2009, 08:05 PM   #4
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I like the original proposal better : 7500, 5000, 2500 + sales tax deduction
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Old 02-03-2009, 08:24 PM   #5
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Is this something that would benifit us when we buy it, or do we have to wait until next tax time in 2010?
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Old 02-03-2009, 08:24 PM   #6
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next tax year
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Old 02-03-2009, 08:25 PM   #7
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Old 02-03-2009, 08:26 PM   #8
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Quote:
Originally Posted by 69 rs/ss View Post
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
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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.
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Old 02-03-2009, 08:28 PM   #9
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Originally Posted by 69 rs/ss View Post
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!
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Old 02-03-2009, 08:31 PM   #10
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I'll take anything they want to give me.
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Old 02-03-2009, 08:54 PM   #11
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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.
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Old 02-03-2009, 09:24 PM   #12
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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.
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Old 02-03-2009, 09:32 PM   #13
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Originally Posted by Mr_Draco View Post
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.
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Old 02-03-2009, 09:48 PM   #14
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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
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Old 02-03-2009, 11:06 PM   #15
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i cant seem to find the amount that could be taken off, is it just me?
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Old 02-03-2009, 11:58 PM   #16
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Does this mean that my moms soon to be new car will be a deduction???
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Old 02-04-2009, 08:17 AM   #17
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i cant seem to find the amount that could be taken off, is it just me?
Because they didn't give an amount but you can figure out the amount though.
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Old 02-04-2009, 08:26 AM   #18
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Does this mean that my moms soon to be new car will be a deduction???
Not the whole car. Just the sales tax paid on the car up to the first $49,500 and the interest paid on a car loan made that year. If your car costs more then $49,500, you can only deduct the sales tax on $49,500.

Here's something else I found interesting. The way it is worded, it appears that if you finance though your dealer, you will not qualify for the deduction of interest as it has to be a car loan from a bank or credit union.
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Old 02-04-2009, 08:27 AM   #19
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Do any of the tax experts here know if one would still be able to claim this deduction if they take the standard deduction? In other words, can this be used in addition with the standard deduction to lower your taxable income?
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Old 02-04-2009, 08:31 AM   #20
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Do any of the tax experts here know if one would still be able to claim this deduction if they take the standard deduction? In other words, can this be used in addition with the standard deduction to lower your taxable income?
I believe the article said that it applied even if you don't itemize.
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Old 02-04-2009, 08:32 AM   #21
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Do any of the tax experts here know if one would still be able to claim this deduction if they take the standard deduction? In other words, can this be used in addition with the standard deduction to lower your taxable income?
Quote:
including those who do not itemize their deductions.
So my guess is on top of it.
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Old 02-04-2009, 08:34 AM   #22
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I believe the article said that it applied even if you don't itemize.
I liked the original $7500 deduction proposed originally, but I guess this is better than nothing. Unfortunately, I don't see this working as effectively.
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Old 02-04-2009, 10:11 AM   #23
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I liked the original $7500 deduction proposed originally, but I guess this is better than nothing. Unfortunately, I don't see this working as effectively.
Yeah, I liked the original proposal better but I will take what I can. Good thing I'm buying in 2009!
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Old 02-04-2009, 10:27 AM   #24
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A couple comments have conflicted with what I would have though.

It sounds like some are saying the loan interest would only be deductible for the months of the year you purchase the car? So if someone purchased a car in July they could claim the interest from August - December of that year and never again?

That doesn't sound right.

Didn't it used to be that you could claim the interest every year that you paid on the car loan (just like a mortgage)? I believe that is how it will be with this as well. Finance a vehicle for 5 years and you get an interest deduction for 5 years 'til it's paid off.

The tax, of course, is only able to be claimed the first year. But the interest is every year you pay on it.

Otherwise it would benefit everyone to purchase in January if you only got to claim one years worth of interest.
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Old 02-04-2009, 10:38 AM   #25
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That's good news I don't care how you look at it. BUT, and there's always a but! It would be even better if the government would STOP taxing the rebates and discounts that you get when you buy a new car. They always tax you on the money that you had nothing to do with instead of taxing the actual price of the car that you will be paying. That's never been fair.
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