Stimulus Tax break
 

From what information I have been able to find on the final passed version of the 787B stimulus bill, only the tax paid on the purchase price will be tax deductible for the tax year 2009. The interest paid on the loans will not be deductible. Considering that interest rates should be very low, the dollar amount paid on interest should not be a great deal of money anyway, unless you are financing 30K or more. I know that every little bit helps in tax relief, but at least the biggest chunk of change (state tax) will be a tax break for us. Here in the great Welfare State of California, I will pay nearly 3K tax on my 2SS/RS. So, that 3K comes right off the top of my taxable income for the year, next years tax time. Better than a poke in the eye I reckon.

i cant imagine that will stimulate ENYONE to go buy a new car. its sorta like "if we dont do at least something, even more people will gripe"
better than a poke in the eye!

Tax break
 

I agree, not a lot of people are gonna run out and buy a new car for the tax break on the sales tax. I posted this more as an update to those of us already committed to buying a Camaro. I was buying regardless of any incentive, this is just a little icing on the cake, so to speak! BTW my dealer has told me that I should be getting the phone call this next week for placing my order with GM. I am #2 on a list of 13, each of which is an SS. He thinks mine will be on the first delivery, along with the guy ahead of me. I could very well be in my 2SS/RS ABM with white rally stripes, sunroof 6 spd/man in April or May. No promises, but a definite possiblity! :)

good luck bro!
it WILL be FULLY AWESOME!
I'm using my tax break to get the heritage grill!

work car
 

You can write off the interest and insurance on the car on your taxes by using the long form if you can say you use it for work, like sales to get around. I might go with interest each year and the sales tax the first year. I think I will not be driving it much to take fuel milage.

Stimulus? It's pretty insignificant next to the price reductions, rebates and low interest rates dealers are offering....:rolleyes:....but I'll take it!

So now go buy a foreign product, lol

People who make more than $250,000 don’t get the sales tax deduction.

I haven't read the bill yet, I purchased a new Traverse in january and waiting on my camaro is there a chance I can deduct both sales tax or just one.
FAF

I would think you could deduct both, unless there is a cap on how much.

That's for a couple making that much combined. A single person has a much lower threshold.

I'm in one of the 8 states without state income tax so were allowed to deduct general sales tax including car sales tax. So unless there is any other wording it does not benefit anyone in those 8 states.

Good point. I wonder if we can deduct or not. Anyone know?

I'm slightly peeved about the tax breaks for the new-home purchases, since I just closed on my first new house. Oh well, I missed the bus...at least I have a home!

Also, this stinks for the folks holding out for ragtops....but at least we'll have out ragtops...eventually...I hope.