Classic Mazda
Bailout Specials
See how it can save you thousands…
On February 17, 2009 the American Recovery and Reinvestment Act of 2009 was signed into law. What does that mean? It means that Uncle Sam wants to help you save some money with your next car purchase! The recently enacted economic stimulus law cuts the after-tax cost of buying a new car for most taxpayers.
What can be claimed?
- State motor vehicle sales tax
- Local motor vehicle sales tax
- Motor vehicle excise tax
Who/what qualifies for the deduction?
- Taxpayer’s income doesn’t exceed $250,000 on a joint return or $125,000 on a single return in 2009.
- The car costs $49,500 or less. If the vehicle exceeds the cost of $49,500 a partial deduction is allowed.
- Any NEW vehicle purchased (gross vehicle weight must be under 8,500 pounds). Used vehicles are not eligible for deduction.
As car manufacturers so often say “This deal won’t last forever” so make sure and complete your car purchase by December 31, 2009.
Tax savings will depend on the individual tax rate. For more detailed information on eligibility, taxes and applicability buyers are encouraged to consult a tax professional. “For the purpose of this section the term ‘qualified motor vehicle taxes’ means any state or local sales or excise tax imposed on the purchase of a qualified motor vehicle.”
Tax savings will depend on the individual tax rate. For more detailed information on eligibility, taxes and applicability buyers are encouraged to consult a tax professional. “For the purpose of this section the term ‘qualified motor vehicle taxes’ means any state or local sales or excise tax imposed on the purchase of a qualified motor vehicle.”
Please contact a Classic Sales Associate for assistance with your next vehicle purchase!