Posts Tagged ‘automobile’
Qualifying for the New Sales Tax Deduction for Automobiles
A new deduction for qualifying motor vehicles taxes.
The recently enacted American Recovery and Reinvestment Tax Act of 2009 (P.L. 111-5) provides a new deduction for qualifying motor vehicles taxes.
1. Who can claim the deduction for motor vehicle taxes?
The Recovery Act makes the deduction available to purchasers of “qualified motor vehicles” after February 18, 2009, and before January 1, 2010 [IRC Sec. 164(a)(6) and Sec. 164(b)(6)(G)]. A qualified motor vehicle is a new passenger vehicle, light truck, or motorcycle that has a gross vehicle weight rating of 8,500 pounds or less, or a motor home of any gross vehicle weight [IRC Sec. 164(b)(6)(D)(i)].
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