From what I understand, it lets you deduct any sales tax from your taxable income level. So if my sales tax was $1500, it would move my taxable income down $1500.. saving me roughly $330 in tax (at a 22% rate).

Is this correct thinking?

 

I need more info on this tax credit as just bought 2 cadillacs in the last 2 weeks. I always like tax credits

 

Yes...Has to be purchased AFTER Feb 17th, 2009. The sales tax can be deducted from your Adjusted gross income, so you will get between 25-33% back, depending on your Tax Bracket.

So for me..I just bought a 2009 Pontiac G8 GT. Tax after trade-in was $900. I'll probably get 235-300 back.

Add this to the $1500 tax CREDIT for replacing my A/C with an energy efficient unit...woohoo!

Come on people....I can't hold up the economy on my own, but I sure as hell am trying!

 

Sweet pick up Charles, I keep telling people that car is what I would get if I had to buy a Domestic sedan!!! what is the lug pattern as I know someone selling a set of the Schwertz that you liked in another thread!

 

What happened? Get tired of the Vette, but still wanted a Vette?

 

no, the wife and I are ready to start a family and there is no room for 2 adults and a baby seat in the vette. So I bought the closest thing to a 4 door vette.

 

^ how sweet are those caddys? Im not a fan of domestics but the new caddys may trun me into a dometic buyer! are they worth the money?

 

Ah, that would be the other reason for buying one. One of the only (if not the only) new Cadillacs I like, let alone would buy.

Nice to see Slash posting too!

 

dumb question how do you get this? Do you have to apply somewhere or something im in the market for a newer car from a dealership so any help would be great.

 

I think it's only if you buy a "NEW CAR" (not "new" to you). There will be a line on next years tax returns to deduct the tax.

Charles