Tuesday, April 14, 2009
Tax Break Available for New Car Purchases This Year
If you have purchased, or are thinking about purchasing a new vehicle in 2009, take advantage of the temporary tax incentive for the purchase of a new car, light truck, motor home, or motorcycle. The deduction is available for the cost of all state and local sales and excise taxes paid on up to $49,500 of the purchase price. The amount of the deduction is phased out for taxpayers whose modified adjusted gross income is between $125,000 and $135,000 for individual filers and between $250,000 and $260,000 for joint filers. The vehicle must be purchased after Feb. 16 and before Jan. 1, 2010. For more info contact Bob McNamara, 202/383-1268.