Part of the Economic Stimulus Package that was unveiled and signed earlier this month will be of interest to anyone planning on purchasing a new car.
If you purchase a new vehicle between February 17th 2009 and December 31st 2009 you will be able to deduct the amount you pay in State Sales Tax from your Federal Income Taxes. This is available on purchases up to $49,500.
The national average cost of a new vehicle is approximately $28,000. In Michigan, our 6% Sales Tax on this purchase amount would be $1,680 which you would be able to deduct from your Federal Income Taxes.
This deduction, along with the great incentives from General Motors and high trade values make it a great time to purchase a new vehicle.
If you have any questions regarding this program please contact a certified accountant or www.irs.gov
You can always visit our Website at www.graffbaycity.com for the latest programs on a huge selection of Chevrolet cars and trucks as well as a great selection of pre-owned vehicles.
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