Current Incentives...
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More incentive coming to you soon from your government.
http://news.yahoo.com/s/ap/20090204/...y0L7XFCQI8KbIF
http://news.yahoo.com/s/ap/20090204/...y0L7XFCQI8KbIF
The $11 billion tax break would apply to new cars purchased from November 2008 to through 2009.
Individuals with incomes under $125,000 and couples making less than $250,000 would be eligible, regardless of whether they itemize their deductions.
Savings from the tax break would vary depending on financing terms, state and local sales tax rates and the income of the buyer.
For example, a new-car buyer could save about $1,500 when purchasing a $25,000 car, according to calculations released by Mikulski's office.
Someone buying a $35,000 car could save $2,500. Car buyers would get the savings when they file their 2009 taxes next year. Savings would be less in states with no sales taxes.
For luxury cars, the sales tax deduction would apply only to the first $49,500 of the purchase price. The interest deduction would apply only to interest on the first $49,500 borrowed.
Individuals with incomes under $125,000 and couples making less than $250,000 would be eligible, regardless of whether they itemize their deductions.
Savings from the tax break would vary depending on financing terms, state and local sales tax rates and the income of the buyer.
For example, a new-car buyer could save about $1,500 when purchasing a $25,000 car, according to calculations released by Mikulski's office.
Someone buying a $35,000 car could save $2,500. Car buyers would get the savings when they file their 2009 taxes next year. Savings would be less in states with no sales taxes.
For luxury cars, the sales tax deduction would apply only to the first $49,500 of the purchase price. The interest deduction would apply only to interest on the first $49,500 borrowed.
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From: Same galaxy...
More incentive coming to you soon from your government.
http://news.yahoo.com/s/ap/20090204/...y0L7XFCQI8KbIF
http://news.yahoo.com/s/ap/20090204/...y0L7XFCQI8KbIF
-A
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The $11 billion tax break would apply to new cars purchased from November 2008 to through 2009.
You will file this on your 2009 tax if it is passed.
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From: Same galaxy...
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From: Knoxville, TN
The way I understand it, if you bought a new car (let's use an Infiniti G37 coupe for an example) on December 1, 2008, you can file it on this year's taxes (due in April). If you buy a car after this year's tax deadline, you would be able to file it on your taxes in April of 2010 for the fiscal year 2009. Make sense? Clear as mud?