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AutoBlog: Fed extends new-auto tax break to states without auto sales tax

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Filed under: Car Buying, Government/Legal

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While we wait for the Cash-for-Clunkers bill to come out on the other side of Congress, there's already incentives available from the government that you can take advantage of when purchasing a new car. The main one is deducting the fees and taxes paid on a new car in next year's tax returns. Previously this tax deduction was available only in states that used a sales tax, but the U.S. Treasury announced this week that it would be extended to states without a sales tax like Alaska, Delaware, Hawaii, Montana, New Hampshire and Oregon.

Since buyers in those states won't pay sales tax, they'll be able to deduct "other fees or taxes imposed by the state or local government that are based on the vehicle's sales price or as a per unit fee." That amount may not equal what buyers in other states can deduct, but at least it's something and they already don't have to pay sales tax on a new car.

To qualify, the vehicle must be purchased after Feb. 16, 2009 and before Jan. 1, 2010. The deduction also only applies to taxes and fees paid on up to $49,500 of the vehicle's purchase price, but it does apply to cars, trucks, motorhomes and motorcycles.

[source: U.S. Treasury | Image: ROBYN BECK/AFP/Getty Images]

Continue reading Fed extends new-auto tax break to states without auto sales tax

Fed extends new-auto tax break to states without auto sales tax originally appeared on Autoblog on Fri, 12 Jun 2009 11:21:00 EST. Please see our terms for use of feeds.

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WHO Cares???? Right now people are more worried about their jobs and providing food on the table than buying a new auto.

Until people feel safe and secure in their life with the job and paycheck coming in weekly, bi weekly, monthly etc. People will hold off making large purchases unless absolutly forced too.

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WHO Cares???? Right now people are more worried about their jobs and providing food on the table than buying a new auto.

Until people feel safe and secure in their life with the job and paycheck coming in weekly, bi weekly, monthly etc. People will hold off making large purchases unless absolutly forced too.

Bingo. I'd really like to go buy a new CTS or Camaro SS now, but with the economy and uncertainty in the market, I'll keep driving my 99k mile '00 Grand Cherokee for now..my first priority is to stay employed (contract market for my thing is still pretty good, in some ways better than it was in '01-02) and second priority is to get out of AZ.

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