 Provides consumers a new tax deduction on their 2009 Federal income taxes for "qualified motor vehicle taxes."
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Qualified motor vehicle taxes include any State or local sales or excise tax imposed on the purchase of a qualified
motor vehicle.
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Qualified motor vehicles include passenger automobiles or light trucks with a weight rating of not more than 8,500
pounds.
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| Applies to NEW vehicles only.
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| Deduction allowed for non-itemizers.
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| Limitation on Vehicle Price: limited to the tax on up to $49,500 of the purchase price of a qualified motor vehicle.
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Income Limitation: Phased out for taxpayers with modified adjusted gross income between $125,000 and $135,000
($250,000 and $260,000 in the case of a joint return).
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| Effective Date: Purchases on or after February 17, 2009, and before January 1, 2010.
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