New Car Buyer Sales Tax Breaks in Obama Economic Stimulus Package - Updated with IRS Rulings
Wednesday, February 11th, 2009
[Updated March 4, 2009 following IRS rulings] In addition to the working tax rebates and home owner tax credits , the President has approved a scaled back version of the Auto Assistance Ownership amendment in the final economic stimulus package. This ammendment provides tax breaks for new vehicle buyers by giving them a federal-income-tax deduction on local sales and excise taxes, but not on the interest on loans, as was originally proposed. It is applicable to any new vehic
