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Tax Breaks
Who doesn't? That's why, when the government passed the American Recovery and Reinvestment Act, they included tax incentives so that prospective car buyers would purchase a new vehicle and help strengthen the economy.
This tax incentive, which lets you deduct state, local, and excise taxes up to $49,500 of a new vehicle's purchase price, is applicable to all foreign and domestic vehicles with a gross weight of less than 8,500 pounds, which means that cars, SUVs, light trucks, motor homes, and motorcycles all generally qualify.
As an example, if you buy a new Genesis Sedan for $35,000 with a 7% sales tax, then you would have an above-the-line tax deduction of $2,450.
As long as the new vehicle you purchased was bought between February 17, 2009, and December 31, 2009, and you make a modified gross income of less than $125,000 (or $250,000 for joint filers), you should be eligible.
This tax incentive, which lets you deduct state, local, and excise taxes up to $49,500 of a new vehicle's purchase price, is applicable to all foreign and domestic vehicles with a gross weight of less than 8,500 pounds, which means that cars, SUVs, light trucks, motor homes, and motorcycles all generally qualify.
As an example, if you buy a new Genesis Sedan for $35,000 with a 7% sales tax, then you would have an above-the-line tax deduction of $2,450.
As long as the new vehicle you purchased was bought between February 17, 2009, and December 31, 2009, and you make a modified gross income of less than $125,000 (or $250,000 for joint filers), you should be eligible.