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

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.

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Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 17 November 2008

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 17 November 2008

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 17 November 2008

  Open at official source

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