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.

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

Timeline

1. 17 November 2008

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 17 November 2008

   Introduced

   Sponsor introductory remarks on measure. (CR S10579-10580)

   Source: IntroReferral

3. 17 November 2008

   Introduced

   Introduced in Senate

   Source: IntroReferral

4. 19 November 2008

   Introduced

   Sponsor introductory remarks on measure. (CR S10609-10610)

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 17 November 2008 · Download file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 17 November 2008

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 17 November 2008

  ViewDownloadOpen at official source

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• Introduced in Senate

  summary · EN · 17 November 2008

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Sen. Mikulski, Barbara A. [D-MD] · D · Sponsor
• Sen. Bond, Christopher S. [R-MO] · R · Sponsor
• Sen. Levin, Carl [D-MI] · D · Sponsor
• Sen. Stabenow, Debbie [D-MI] · D · Sponsor
• Sen. Cardin, Benjamin L. [D-MD] · D · Cosponsor
• Sen. Brown, Sherrod [D-OH] · D · Cosponsor
• Sen. Inhofe, James M. [R-OK] · R · Cosponsor
• Sen. Sanders, Bernard [I-VT] · I · Cosponsor
• Sen. Voinovich, George V. [R-OH] · R · Cosponsor
• · ssfi00 · Standing

Related records

• related to → 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.