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Old 02-08-2009, 12:58 PM   #1
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"Buy American" Stimulus ??

I was chattin with a brother in law about the stimulus package and he told me that the Government was proposing a possible vehicle stimulus discount of up to $3,000.00 on the purchase of New "American made cars"..I did not believe him but was wondering if anyone else had heard this...I follow it pretty close and did not hear that part..anyone else heard this??
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Old 02-08-2009, 01:00 PM   #2
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well they are working on a first time car buyer to be able to write off the tax applied to the price of the car...

That's all i've heard...
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Old 02-08-2009, 01:03 PM   #3
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That would be sweet but I havent heard anything yet and doubt that would happen
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Old 02-08-2009, 01:03 PM   #4
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http://www.camaro5.com/forums/showthread.php?t=12756
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Old 02-08-2009, 01:19 PM   #5
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Originally Posted by GothamCamaro View Post
I explained that to him and he understood the tax and interest part but added the other about a discount...just wondering if anybody else heard anything like that..but I guess not...now to find him and
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Old 02-08-2009, 01:33 PM   #6
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I heard it, but I also heard the "American made cars" part got thrown out. Haven't heard if they voted to keep it yet.
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Old 02-08-2009, 01:53 PM   #7
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First car buyer? Are you kidding?

Holy crap.. this could be awesome.

(For your info, the Camaro would be my first car purchase ever. I never bought the Exploder or the Monte in my name, and neither were ever registered as such.)
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Old 02-08-2009, 01:57 PM   #8
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Stimulus tax break

Google new car tax relief and it will find the story for you. It gives a one time tax write off for the year 2009 up to the first 49,500.00 price tag. It gives examples of $1500.00 write off for a 25K car and $2,500 on a 35K car. It also includes any interest paid on the loan, as being deductable for the 2009 tax year. As far as interest, I'm not sure if it is only for the tax year 2009, or for the life of the loan. Either way, this is money back in your pocket when you file your taxes next year. Actually, it lowers your adjusted taxable income, which still means you pay less tax, or get a bigger tax refund next year. Any tax relief is a good tax relief, and this is a pretty generous tax break. My 2SS/RS ABM man 6 spd. sunroof will fetch me at least the $2500 deduction. I am puttng quite a bit down on the Camaro, so interest tax break will be minimal, but it's still better than not getting any break at all.
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Old 02-08-2009, 01:59 PM   #9
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Not just First time buyer either.

The tax break is for anyone that purchases a car this year, not just first time buyers. Think about it. How small of a group would that be if it were just first time buyers! The government wants people buying and this will undoubtedly get some people motivated.
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Old 02-08-2009, 02:12 PM   #10
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If it is a tax CREDIT it would be really great, $2500 back inour pockets, but if it turns out to be 'just' a deduction.... it is that much less $$$ to pay taxes on...
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Old 02-08-2009, 02:38 PM   #11
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Originally Posted by chadrcr View Post
If it is a tax CREDIT it would be really great, $2500 back inour pockets, but if it turns out to be 'just' a deduction.... it is that much less $$$ to pay taxes on...
It's a deductible not a credit. :(
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Old 02-08-2009, 02:40 PM   #12
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Quote:
Originally Posted by Badger View Post
I was chattin with a brother in law about the stimulus package and he told me that the Government was proposing a possible vehicle stimulus discount of up to $3,000.00 on the purchase of New "American made cars"..I did not believe him but was wondering if anyone else had heard this...I follow it pretty close and did not hear that part..anyone else heard this??
The original version was a tax deduction (there never was a discount) on the purchase of domestic made cars. The current version is as other have said above.
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Old 02-08-2009, 04:14 PM   #13
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Seems to me it would be pretty hard to determine what constitutes American made nowadays, thats probably why they went with tax deductions.
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Old 02-08-2009, 04:22 PM   #14
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So what the does this mean, more money for us ?
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Old 02-08-2009, 04:48 PM   #15
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From Yahoo ...

"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".

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

Damn ... I won't qualify for the deduction.
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