The 2009 economic stimulus plan, enacted on February 17, 2009, provides funds for new car tax rebates in the United States.
In this article, find out where to get details about Barack Obama’s new car economic stimulus measure.
2009 Car Tax Break Facts
As discussed in the article 2009 Car Tax Deduction for Automobile Purchases, U.S. taxpayers must purchase a qualifying vehicle between February 17, 2009 and December 31, 2009 to receive this car tax break.
The deduction should be taken on a 2009 individual federal income tax return. Anyone who itemizes should use Schedule A for this, but the tax rebate is also available to individuals that do not itemize.
Who Qualifies for the New Car Tax Rebate & Which Vehicles to Purchase
The article New Car Tax Rebate- Obama Economic Stimulus Plan details the maximum modified adjusted gross income thresholds an individual or married couple can report and still be eligible for this tax break. The article also describes the types of automobiles that qualify under this plan as well as the dates the vehicle(s) must be purchased.
New Automobile Tax Deduction- What to Do in States with No Sales Tax
The article 2009 Federal Car Tax Rebate- No Sales Tax States discusses the IRS and U.S. Treasury announcement that individuals who live in states without sales tax are also eligible for the new car tax deduction. Instead of deducting sales taxes, these individuals will deduct other taxes and fees linked to the vehicle purchase.
Taxpayers should look for further guidance on this topic on the IRS website later this year, in the instructions to Form 1040 or Schedule A. Individuals contemplating a purchase in a no sales tax state should seek advice from a qualified tax professional.
Text of Obama Economic Stimulus Package
The text of the American Recovery and Reinvestment Act of 2009, commonly referred to the 2009 economic stimulus package or plan, is where Americans can find everything they need to know about the automobile tax deduction. The original document is not written in plain language, but it does contain the true details of the car tax rebate void of any media interpretation.
Those interested in reviewing the actual text can find the entire document online. The United States government has published the full text of the economic stimulus plan legislation via the U.S. Government Printing Office website in PDF format.
U.S. Federal Government Stimulus Plan Details
Obama’s new vehicle tax rebate needn’t be a mystery to Americans. The United States government has made the text of the economic stimulus package available to the public, and the IRS frequently makes announcements with pertinent details and instructions. This article serves as a plain language repository for the information available from those sources. Feel free to comment and pose questions below.
Resources:
IRS website, irs.gov
American Recovery & Reinvestment Act of 2009
United States Government Printing Office (GPO)
Lena Gott - Lena Gott is a Certified Public Accountant who gives practical financial advice to her readers.
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