Automotive Stimulus Plan would give a TAX break to consumers buying a passenger vehicle (car, truck, SUV) between November 12th and December 31st of 2009
Senator Barbara Mikulski delivers a press release outlining her Automotive Stimulus Plan to be introduced to legislation when the Senate reconvenes next week. The plan will help save American jobs, help American consumers and support America’s automobile industry. Her announcement comes just days after the Department of Labor reported that the nation’s unemployment rate has hit a 14-year high as the economy continues to worsen.
“If you buy a passenger car, truck, SUV or Mini van between November 12th and December 31st of 2009. you will get a tax deduction on your sales tax and on the interest of your car loan.”
If a consumer were to passenger vehicle priced $23,600 sold in Maryland with a 6% sales tax and financed with a 5 year loan at a 7% interest rate, the total savings would be $1,757. The interest paid on the loan will be deductible annually throughout the loan term, similar to mortgage interest paid, while the full sales tax will be available for deduction in the year of the vehicle’s purchase.
This a trying time in the auto industry. I ask that you take a moment and use your strength as a leader within our industry and leverage that strength for this amendment to pass. In essence, it will create a tax advantage to our customers and give them confidence that now is a great time to buy a car. No matter what side of the fence you are on, this would be a good thing. If you can, pass your encouraging words onto your local lawmakers as well as your employees, blog about it, write about it, etc. It would help all of us!
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