In a bid to stimulate the stagnating U.S. economy and give the domestic car market a boost, the Internal Revenue Service (IRS) has announced that taxpayers who buy a new passenger vehicle this year may be entitled to deduct state and local sales and excise taxes paid for the vehicle when they file their tax return next year. “For those thinking about buying a new car this year, this deduction may give them a little more drive to make their purchase this year,” said IRS Commissioner Doug Shulman. “This deduction enables taxpayers to buy now and get cash back later on their...
Massachusetts wants SUV owners to pay more for the privilege
It's got a snazzy title, it's controversial, and it's already popular. No, it's not Britney Spears' new 'Circus' tour. It's a plan - called the 'Hummer Tax' - to increase the registration fee on SUVs, and it has the backing of Massachusetts Governor Deval Patrick. Car dealers and SUV owners are...Ralph Hanson
Texas considering $5,000 tax credit for plug-in hybrids on top of federal incentives
With all the talk of the Environmental Protection Agency (EPA) reconsidering allowing states to implement their own fuel-economy emissions and regulations, and the negative flow on effects this would have on carmakers that would be forced to tailor cars to meet varying standards across the country...James Martinez
Ford Fusion Hybrid qualifies for maximum tax credit of $3,400
Tax credits designed to give buyers incentives to buy more efficient cars are anything but new - the Toyota Prius has benefited from similar schemes for several years. Now Ford's Fusion Hybrid, as well as the Mercury Milan Hybrid, qualify for the maximum tax credit as well, giving buyers a $3,400...Ralph Hanson