Looking to purchase a new Corvette? Well even if you’re not, the government REALLY wants you to! Even though the automotive industry is in the midst of extremely difficult times, there is still good news from the government for interested car buyers.
The Internal Revenue Service (IRS) recently announced that individuals who purchase new cars will be able to deduct state and local sales and excise taxes from their 2009 tax returns. Still interested? To qualify, the new vehicle must be purchased between the window frame of February 16, 2009 to January 1, 2010.
The IRS is hoping that this tax deduction incentive will aid the automotive industry during their recent down times, while still helping to offset consumer expenses. IRS Commissioner Doug Shulman quotes, “For those thinking about buying a new car this year, this deduction may give them a little more drive to make their purchase this year. This deduction enables taxpayers to buy now and get cash back later on their tax returns.”
Do you think the IRS is making the right move by instituting this deduction? Maybe this will do some good. But, is there really any hope for the automotive industry afterall?
To check if you qualify for this deduction, click the link below.
[ IRS ]