NEWS RELEASE  

Cleveland, OH (December 29, 2009)- The American Recovery and Reinvestment Act, which passed earlier this year, includes a deduction for state and local sales and excise taxes when consumers purchase a new car, light truck, motor home or motorcycle through December 31, 2009.

“There is no better time to purchase a vehicle than by 12/31 to take advantage of this incentive in addition to current manufacturer programs.  Consumers should not leave money on the table if they are considering the purchase of a new motor vehicle” says Louis A. Vitantonio, Jr. President of the GCADA. 

The deduction is limited to the first $49,500 of the vehicle’s purchase price and the amount of the deduction starts phasing out if a consumer makes more than $125,000 individually, or $250,000, if they file a joint return. For specific information from the Internal Revenue Service on the sales tax deduction, click here.