Monday, June 22, 2009
New-car tax credit now applies in all states
That new-car smell just got better, thanks to legislation that provides tax incentives to new-car buyers.
The U.S. Department of Treasury recently announced that the American Recovery and Reinvestment Act of 2009's new-car tax deduction now extends to consumers in states without a sales or excise tax (boston.com June 17). These states include Alaska, Delaware, Hawaii, Montana, New Hampshire and Oregon.
If you live in any of the other 44 states, you're still able to deduct state or local sales or excise taxes paid on the qualifying vehicle purchase (ustreas.gov June 11).
Here's what you need to know to qualify for this special tax deduction: