Proposed Bill to give New car buyers tax break - Page 2 - Camaro5 Chevy Camaro Forum / Camaro ZL1, SS and V6 Forums

GothamCamaro · 01-14-2009, 01:35 PM

Quote:

Originally Posted by kevin2323

any link to this bill? or news>?

Sorry I was watching Fox News when they were interviewing the Senator, no link, maybe go to their site, I'm sure they post news stories from what airs.

*edit* http://www.wkrg.com/consumer/article..._buyers/22607/

No time to dig through Fox News articles to find it so I Googled the proposed bill and found this, same thing.

*DGthe3* · 01-14-2009, 01:54 PM

Quote:

Originally Posted by Dragoneye

I like this plan. After my little rant...

...I thought a bit more, and I can accept this as fair. But just a blanket "go buy a car, we don't care from who" pisses me off to no end.

I've thought this one over before. And near as I can figure, if there are any sort of tax breaks this is the most fair way to do it. The Ford Fusion would get a full tax break and G8 would be treated the same as the Honda Civic while the Toyota Prius gets nothing.

Croathlete · 01-14-2009, 01:59 PM

Please pass in May!!!

GothamCamaro · 01-14-2009, 02:33 PM

Quote:

Originally Posted by Croathlete

Please pass in May!!!

+1

kevin2323 · 01-14-2009, 02:36 PM

when will this get voted on?

GothamCamaro · 01-14-2009, 02:44 PM

Quote:

Originally Posted by kevin2323

when will this get voted on?

No idea, it just made the news today.

kanys · 01-14-2009, 02:56 PM

Wow this would be amazing!! Any discount is good news, hopefully this goes through with modifications, as in it only applies to domestic cars. That is just ridiculous giving tax breaks to foreign companies even if they have factories in the US.

diddiyo · 01-14-2009, 03:21 PM

if everybody gets a tax break, wouldn't the resale value of the car drop like a rock?

RallyFever · 01-14-2009, 03:33 PM

Quote:

Originally Posted by diddiyo

if everybody gets a tax break, wouldn't the resale value of the car drop like a rock?

NO

It:s just a deduction on your 2009 tax return which is why it*s limited to nine months.

The money you*ll actually get it the federal taxes you would have paid on the deductible amount.

This may not even help the folks that don*t itemize>
Even if it does, it will not help them nearly as much as those filers that alreay itemize their tax returns>

either way, I:m excited because it means paying around 1500 less in taxes next year for me!!!

Rodrunner · 01-15-2009, 11:50 AM

The Consumer Auto Relief Act as it's being called would also, as though in addition to the $7500, etc.:
"make tax deductible the state and local taxes paid on the new car purchase and the interest on the loan. The federal tax breaks would apply to all new car purchases, regardless of personal income levels or whether the buyer itemizes deductions on federal taxes."

There are other proposals in the works:
"U.S. Sen. Barbara Mikulski, D-Md., has a proposal to make interest payments on car loans and state sales taxes deductible for car purchases, but only to people below certain income levels, and a spokeswoman said she plans to reintroduce it within two weeks. A similar House version was introduced last week by Rep. Bill Pascrell Jr., D-N.J."

Things are looking up for us car buyers!

kevin2323 · 01-15-2009, 12:03 PM

RAWRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR

playhard67 · 01-15-2009, 12:26 PM

Quote:

Originally Posted by RallyFever

NO

It:s just a deduction on your 2009 tax return which is why it*s limited to nine months.

The money you*ll actually get it the federal taxes you would have paid on the deductible amount.

This may not even help the folks that don*t itemize>
Even if it does, it will not help them nearly as much as those filers that alreay itemize their tax returns>

either way, I:m excited because it means paying around 1500 less in taxes next year for me!!!

If it's a deduction on your taxes, I would GUESS that it may pass in march making the nine months valid through Dec 2009 and not into January 2010. Makes it easier...

Inspector 17 · 01-15-2009, 12:49 PM

Here are some other links:
http://www.ledger-enquirer.com/news/...ry/573099.html
http://thomas.loc.gov/cgi-bin/query/z?c111:H.R.+385:

Rodrunner · 01-15-2009, 01:06 PM

^^^Thanks for the links. What, are you on vacation?

01-15-2009, 11:50 AM	#24
Rodrunner Senior Member Drives: 2010 SS/RS, '06 350Z Join Date: Oct 2008 Location: So. Maryland Posts: 2,333	The Consumer Auto Relief Act as it's being called would also, as though in addition to the $7500, etc.: "make tax deductible the state and local taxes paid on the new car purchase and the interest on the loan. The federal tax breaks would apply to all new car purchases, regardless of personal income levels or whether the buyer itemizes deductions on federal taxes." There are other proposals in the works: "U.S. Sen. Barbara Mikulski, D-Md., has a proposal to make interest payments on car loans and state sales taxes deductible for car purchases, but only to people below certain income levels, and a spokeswoman said she plans to reintroduce it within two weeks. A similar House version was introduced last week by Rep. Bill Pascrell Jr., D-N.J." Things are looking up for us car buyers! __________________ 2SS/RS - Black/Black - CGM Rally Stripes - Auto - VIN 10171

01-15-2009, 01:06 PM	#28
Rodrunner Senior Member Drives: 2010 SS/RS, '06 350Z Join Date: Oct 2008 Location: So. Maryland Posts: 2,333	^^^Thanks for the links. What, are you on vacation? __________________ 2SS/RS - Black/Black - CGM Rally Stripes - Auto - VIN 10171

Similar Threads
Thread	Thread Starter	Forum	Replies	Last Post
Camaro Product Manager - interview	Moose	5th Gen Camaro SS LS LT General Discussions	11	04-04-2012 06:10 PM
The best, worst and weirdest car names	KILLER74Z28	General Automotive + Other Cars Discussion	19	07-09-2009 05:14 AM
GM burns Bill Gates (damn it stings)	Dark Knight	General Automotive + Other Cars Discussion	23	12-27-2007 10:00 PM
JD Power survey: Younger Buyers Avoiding Domestics	Scotsman	General Automotive + Other Cars Discussion	6	12-04-2007 01:31 AM
"The car of the future may turn out to be no car at all."	Scotsman	General Automotive + Other Cars Discussion	2	11-03-2007 12:22 AM

01-14-2009, 01:59 PM	#17
Croathlete Danny Drives: 2010 Camaro 2SS/RS Join Date: Nov 2007 Location: NYC Posts: 1,656	Please pass in May!!!

01-14-2009, 02:36 PM	#19
kevin2323 Drives: challenger Join Date: Jul 2008 Location: miami Posts: 2,338	when will this get voted on?

01-14-2009, 02:56 PM	#21
kanys Drives: 2010 Camaro Join Date: Jun 2008 Location: Houston Posts: 872	Wow this would be amazing!! Any discount is good news, hopefully this goes through with modifications, as in it only applies to domestic cars. That is just ridiculous giving tax breaks to foreign companies even if they have factories in the US.

01-14-2009, 03:21 PM	#22
diddiyo Drives: . Join Date: May 2008 Location: . Posts: 3,053	if everybody gets a tax break, wouldn't the resale value of the car drop like a rock?

01-15-2009, 12:03 PM	#25
kevin2323 Drives: challenger Join Date: Jul 2008 Location: miami Posts: 2,338	RAWRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR

01-15-2009, 12:49 PM	#27
Inspector 17 I love crepes Drives: 2017 ZL1 NGM A10 Join Date: Oct 2008 Location: Maryland Posts: 4,955 View My Garage	Here are some other links: http://www.ledger-enquirer.com/news/...ry/573099.html http://thomas.loc.gov/cgi-bin/query/z?c111:H.R.+385: