BREAKING NEWS! BREAKING NEWS!
The United States Senate voted today to allow automotive loan interest and sales taxes on vehicle purchases deductible on federal income taxes, a move that has not been around since 1986. The proposal that has been pushed forward by the National Automobile dealers Association (NADA) was added to an economic stimulus bill that had been under major debate in the Senate, the final vote tally was 71-26.
This provision that was not in the original version passed in the House bill, that version had more than $800 Billion Dollar package of spending increases and tax cuts.
A conference committee still has to decide whether the provision stays or goes, the bill is a top priority of President Obama's stimulus package. The bill if passed by the House and the Senate will allow deductions on interest and taxes on auto loans for the first time since 1986.
The NADA states that the measure will provide consumers to save on average $1500.00 on a $25,000.00 vehicle.
Enjoy Today!
That Car Guy
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