02-14-2009, 10:38 AM | #1 |
Drives: 2012 2SS/RS VR Camaro convertible Join Date: Oct 2008
Location: Fresno, Ca.
Posts: 755
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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.
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02-14-2009, 10:44 AM | #2 |
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! |
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02-14-2009, 10:55 AM | #3 |
Drives: 2012 2SS/RS VR Camaro convertible Join Date: Oct 2008
Location: Fresno, Ca.
Posts: 755
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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!
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02-14-2009, 11:02 AM | #4 |
good luck bro!
it WILL be FULLY AWESOME! I'm using my tax break to get the heritage grill! |
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02-14-2009, 11:11 AM | #5 |
Drives: 2010 camaross/rs Join Date: Jan 2009
Location: buffalo
Posts: 461
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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.
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02-14-2009, 12:07 PM | #6 |
Senior Member
Drives: 2010 SS/RS, '06 350Z Join Date: Oct 2008
Location: So. Maryland
Posts: 2,333
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Stimulus? It's pretty insignificant next to the price reductions, rebates and low interest rates dealers are offering........but I'll take it!
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2SS/RS - Black/Black - CGM Rally Stripes - Auto - VIN 10171
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02-14-2009, 12:13 PM | #7 |
The Great KJ
Drives: 09 Challenger R/T & 05 Caravan Join Date: Mar 2008
Location: Longmont Colorado
Posts: 481
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So now go buy a foreign product, lol
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Former Cars - 1980 Z28 / 1987 IROC-Z / 1991 Z28
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02-14-2009, 08:00 PM | #8 |
Drives: 2010 2SS RS Camaro Join Date: Dec 2008
Location: St. Louis, MO
Posts: 233
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People who make more than $250,000 don’t get the sales tax deduction.
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02-15-2009, 06:27 PM | #9 |
Member
Drives: 2010 Camaro, 2008 Tundra Join Date: Jan 2009
Location: Texas
Posts: 183
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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 |
02-15-2009, 07:24 PM | #10 |
Keeper of the Faith
Drives: 2001 Z28 Agressively Join Date: Apr 2008
Location: Rosenberg,Texas
Posts: 1,383
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I would think you could deduct both, unless there is a cap on how much.
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2010 Camaro SS R6P 2001 Camaro Z28 1969 Camaro SS clone |
02-15-2009, 07:37 PM | #11 |
You Said Member
Drives: 2010 SIM 2LT Auto RS Join Date: Feb 2009
Location: Why is this required?
Posts: 326
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02-15-2009, 08:26 PM | #12 |
Drives: 1997 SS & 2010 2SS/RS Join Date: Aug 2006
Location: South Florida
Posts: 1,027
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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.
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02-15-2009, 08:32 PM | #13 |
Drives: 2014 Chevrolet Camaro 2SS/RS 1LE Join Date: Jun 2008
Location: Orlando, FL
Posts: 728
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Good point. I wonder if we can deduct or not. Anyone know?
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Current: 2014 BRM 2SS/RS 1LE w/NAV, NPP, Recaros
Former garage: 2010 IBM Camaro 2SS/RS 6M 2011 Avalanche LT |
02-15-2009, 08:33 PM | #14 |
Go Rays!
Drives: 03 Trailblazer Join Date: May 2007
Location: St Pete, Florida
Posts: 2,533
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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. |
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