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United States · Bill · HR

H.R. 7273 (110th)

To amend the Internal Revenue Code of 1986 to allow an above-the-line deduction against individual income tax for interest on indebtedness and for State and local sales and excise taxes with respect to the purchase of certain motor vehicles.

referredUnited States· United States Congress· EN

Introduced

19 November 2008

Last action

19 November 2008 · Introduced

Status

Referred to the House Committee on Ways and Means.

Sponsors

Rep. Pascrell, Bill, Jr. [D-NJ-9], Rep. LaTourette, Steven C. [R-OH-14], Rep. Edwards, Donna F. [D-MD-4], Rep. Holt, Rush [D-NJ-12], Rep. Mollohan, Alan B. [D-WV-1], Rep. Sires, Albio [D-NJ-13], Rep. LoBiondo, Frank A. [R-NJ-2], Rep. Paul, Ron [R-TX-14], Rep. Jackson Lee, Sheila [D-TX-18], Rep. Andrews, Robert E. [D-NJ-1], Rep. Manzullo, Donald A. [R-IL-16], Rep. Conyers, John, Jr. [D-MI-13], Rep. Campbell, John [R-CA-48], Rep. McKeon, Howard P. "Buck" [R-CA-25], Rep. Doyle, Michael F. [D-PA-14], Rep. Capuano, Michael E. [D-MA-8], Rep. Holden, Tim [D-PA-17], Rep. Ruppersberger, C. A. Dutch [D-MD-2], Rep. Sarbanes, John P. [D-MD-3], Rep. McCotter, Thaddeus G. [R-MI-11], Rep. Larson, John B. [D-CT-1], Rep. McHugh, John M. [R-NY-23], Rep. Farr, Sam [D-CA-20], ROBERT BRADY, Rep. Goode, Virgil H., Jr. [R-VA-5], Rep. Myrick, Sue Wilkins [R-NC-9], Rep. Reichert, David G. [R-WA-8], Rep. Price, Tom [R-GA-6], Rep. Kagen, Steve [D-WI-8], Rep. Moore, Dennis [D-KS-3], Rep. Brown, Henry E., Jr. [R-SC-1], Rep. Platts, Todd Russell [R-PA-19], Rep. Dreier, David [R-CA-26], Rep. Burton, Dan [R-IN-5]

Subjects

Taxation

Source updated

5 December 2025

Taxation

Official sourceDownload fileView documentsShare

Summary

Amends the Internal Revenue Code to allow individual taxpayers a deduction from gross income for: (1) interest paid on indebtedness (up to $49,500) incurred after November 12, 2008, and before January 1, 2010, for the purchase of a motor vehicle (i.e., passenger automobile or light truck) with a gross vehicle weight rating of not more than 8,500 pounds; and (2) state and local sales and excise taxes imposed on the purchase of such a motor vehicle.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

  1. 19 November 2008

    Introduced

    Referred to the House Committee on Ways and Means.

    Source: IntroReferral

  2. 19 November 2008

    Introduced

    Introduced in House

    Source: IntroReferral

  3. 19 November 2008

    Introduced

    Introduced in House

    Source: IntroReferral

Votes

No vote records are attached yet.

Versions

Documents

3 official files

Introduced in House (text)

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  • Introduced in House (text)

    Introduced in House · EN · 19 November 2008

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  • Introduced in House (PDF)

    Introduced in House · EN · 19 November 2008

    ViewDownloadOpen at official source

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  • Introduced in House

    summary · EN · 19 November 2008

    Open at official source

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Sponsors

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Sources

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