U.S. Congress - H.R.385 CAR Act of 2009
H.R.385 - CAR Act of 2009
To amend the Internal Revenue Code of 1986 to provide tax incentives to consumers and lenders for the purchase of a passenger vehicle during 2009. view all titles (3)
All Bill Titles
- Official: To amend the Internal Revenue Code of 1986 to provide tax incentives to consumers and lenders for the purchase of a passenger vehicle during 2009. as introduced.
- Short: CAR Act of 2009 as introduced.
- Short: Consumer Auto Relief Act of 2009 as introduced.
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Official Summary
1/9/2009--Introduced.Consumer Auto Relief Act of 2009 or the CAR Act of 2009 - Amends the Internal Revenue Code to allow individual taxpayers a tax deduction for: (1) up to $7,500 of the purchase price of a new passenger automobile or light truck that is purchased in 2009; (2) interest paiOfficial Summary
1/9/2009--Introduced.Consumer Auto Relief Act of 2009 or the CAR Act of 2009 - Amends the Internal Revenue Code to allow individual taxpayers a tax deduction for:(1) up to $7,500 of the purchase price of a new passenger automobile or light truck that is purchased in 2009;
(2) interest paid on any loan to purchase such vehicles; and
(3) state and local sales taxes paid on a vehicle purchase. Excludes from the gross income of lenders 50% of the interest paid on any consumer loan for the purchase of a new passenger automobile or light truck.
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