Direct Injection!

need4speed

The 2500 rebate was obamas 1st tax break. It was national news now in february.
The dealership is supposed to waive ur tax up to $2500 on site of purchase.
Unlike the real estate $8000 credit the car credit is instant.
And if u have an old clunker. You can get up 2 another 4500 if u give it up.
So right now there's up to 7000 in money u can claim depending on ur situation
And what kind of car you will purchase. 09 is free cash year. Lol

Forrest

Special Tax Break Available for New Car Purchases This Year

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,” said IRS Commissioner Doug Shulman. “This deduction enables taxpayers to buy now and get cash back later on their tax returns

Where you getting your info dealers are waiving the tax fee's at?

GMZ

Um no dude. You still have to pay state sales tax and any FET at time of purchase, you just get that amount back from the feds at tax time next year. Read the IRS bulletin.

ETA: Never the less, good news.

tolnep

thats a deduction , not a credit .. say you are in a 50% tax bracket... and you pay 2000$.. you get around 1000 back i think is the way it works..

now a tax credit.. that would be cool. you owe 5000 in taxes, the 2000 reduces the tax to 3000.. basically you get 2000 bucks back that year...

and i think that's one thing they outta do for the housing industry is give some large tax credit to purchasers, which they could then spread over more than one year... but the obama plan is to put money into public works mostly which employs some lower wage earners to do things like build roads and schools and they in turn buy more 12 packs and lottery tickets which doesnt help the economy much and of course the banks got money but they dont want to lend it out anymore..

so now i get off my soapbox....

Spikuh

Where did you find the information pertaining to trading in an older vehicle?

whoady4shoady

I never heard antyhign about the dealers waiving the tax fee instantly. I only read that you may get it back on tax returns.