Treasury Department U.S. extends brand new auto tax deductions for all the states

Posted on Sunday, 14 June 2009 , 18:06:49 byEmil

Filed under treasurydepartmentu.s.taxdeductionstatesNone

Treasury Department U.S. extends brand new auto tax deductions for all the states

The Department of Treasury in United States announced it will expand new auto tax breaks for all the states. The previous program of Treasury Department offered only a tax break to those really live in the states having a tax in sales, but will expand the program now to cover the residents in America with no tax sales.

The American Recovery, Reinvestment Act - 2009 is allowing the taxpayers to deduct local or state sales or even excise the taxes paid for the all-new auto purchases between 16th of February 2009 and 1st of January 2010.

'This tax deduction not only increases support for the auto industry as it seeks to rebuild, but also puts money back into the pockets of hard-working Americans' Neal Wolin, the deputy treasury secretary, reported to Automotive News. 'Building on the Recovery Act, the Treasury Department is taking steps to make sure every American, in every state, qualifies for a tax deduction when purchasing a new car'.

This deduction, great for cars up to 49,500 Dollars, must be build on the tax return this year. This deduction amount begins tailing off for all the individuals earning 125,000 Dollars a year or the joint-filers that reports 250,000 Dollars.