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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Introduced
 
House
Passes
 
Senate
Passes
 
President
Signs
 

 
01/09/09
 
 
 
 
 
 
 

Official Summary

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 purch

Official Summary

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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