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Senate Approves “Cash for Clunkers” Program
The Senate on June 18 approved a proposal known as the “cash for clunkers” program, which would provide $1 billion in tax-free vouchers to automobile dealers who participate in the new program aimed at revitalizing sagging vehicle sales. The program Image via Wikipedia vouchers, worth $3,500 or $4,500, will be given to dealers when consumers trade in an old vehicle for one with higher...
June 19th, 2009 by The Tax Man
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Increased Vehicle Depreciation Deduction Limits
As part of the Economic Stimulus Act of 2008, Congress enacted a temporary increase in the allowable depreciation deduction for passenger vehicles under the luxury car rules. Under this law, taxpayers will be able to deduct just over $11,000 as first-year depreciation on business use vehicles purchased and placed in service in 2008. This increase in the luxury car limitation may be relevant if you...
January 5th, 2009 by The Tax Man
