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Discussion Starter #1
what do you all think we could see as far as incentives and deals on the camaro later this year? im not saying i expect them..im just curious.
 

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With sales tax being tax deductible, I doubt there will need to be any.
In Chicago, my sales tax would be 10%.
I'll be buying one this year.
I won't pay over MSRP.
It'll be my first new car.
I bought my '97 Z28 already titled once with 4,500 miles on it.
I'm looking forward to it.
I've made up my mind. Black 1SS.
:cool:
 

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Discussion Starter #4
With sales tax being tax deductible, I doubt there will need to be any.
In Chicago, my sales tax would be 10%.
I'll be buying one this year.
I won't pay over MSRP.
It'll be my first new car.
I bought my '97 Z28 already titled once with 4,500 miles on it.
I'm looking forward to it.
I've made up my mind. Black 1SS.
:cool:
tax deductible? how so? i never knew that.
 

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$1000 loyalty
$ 500 cash back or 2.9%
 

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Discussion Starter #8
What the hell are you talking about?
lmao my thoughts exactly.

anyways the two options you listed are what you expect? how do you get the loyalty? if you own a chevy at the time?...also this tax deductable thing....does it mean no tax charged at the time of buying, or you get it back in your tax refund?
 

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tax deductible? how so? i never knew that.
Actually, I'm pretty sure the tax deduction is a deduction off your INCOME not taxes owed.

So your actual savings is the tax you would hav paid on the income that was deducted.

If you are in a 15% tax bracket and you pay $2,000 in tax on a Camaro, your income is reduced by the $2,000 saving you $300 in taxes...

-Brad
 

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anyways the two options you listed are what you expect? how do you get the loyalty? if you own a chevy at the time?
Yes and Yes.
 

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Actually, I'm pretty sure the tax deduction is a deduction off your INCOME not taxes owed.

So your actual savings is the tax you would hav paid on the income that was deducted.

If you are in a 15% tax bracket and you pay $2,000 in tax on a Camaro, your income is reduced by the $2,000 saving you $300 in taxes...

-Brad
My understanding is the item in the Federal Stimulus Package is a TAX CREDIT on your Federal Income Tax return of the State Sales Tax paid in 2009 for a new car. So, if your Camaro SS costs $40K, in San Diego, CA, on April 1st the sales tax rate will jump by 1% to 8.75%, which is $3,500 State Sales Tax (f---!). But that amount comes right off your 2009 Federal Income Tax, not off your pre-taxed Federal Adjusted Gross Income. This is a BIG bonus for all of us and your State (think of it as pay the State now, taketh from the Federal Treasury next April)...woo hoo! :thumbsup:

Hmmmm...doing some research...getting conflicting info on the web...some articles say it is applied to your taxable income (a deduction) but other info says it is a tax credit (which applies to your tax, not your taxable income)...digging deeper....

DARN! It's "just a tax DEDUCTION"...here is the text...

SEC. 1008. ADDITIONAL DEDUCTION FOR STATE SALES TAX AND
EXCISE TAX ON THE PURCHASE OF CERTAIN MOTOR
VEHICLES.
(a) IN GENERAL.—Subsection (a) of section 164 is amended
by inserting after paragraph (5) the following new paragraph:
‘‘(6) Qualified motor vehicle taxes.’’.
(b) QUALIFIED MOTOR VEHICLE TAXES.—Subsection (b) of section
164 is amended by adding at the end the following new paragraph:
‘‘(6) QUALIFIED MOTOR VEHICLE TAXES.—
‘‘(A) IN GENERAL.—For purposes of this section, the
term ‘qualified motor vehicle taxes’ means any State or
local sales or excise tax imposed on the purchase of a
qualified motor vehicle.
‘‘(B) LIMITATION BASED ON VEHICLE PRICE.—The
amount of any State or local sales or excise tax imposed
on the purchase of a qualified motor vehicle taken into
account under subparagraph (A) shall not exceed the portion
of such tax attributable to so much of the purchase
price as does not exceed $49,500
.
‘‘(C) INCOME LIMITATION.—The amount otherwise taken
into account under subparagraph (A) (after the application
of subparagraph (B)) for any taxable year shall be reduced
(but not below zero) by the amount which bears the same
ratio to the amount which is so treated as—
‘‘(i) the excess (if any) of—
‘‘(I) the taxpayer’s modified adjusted gross
income for such taxable year, over
‘‘(II) $125,000 ($250,000 in the case of a joint
return)
, bears to
‘‘(ii) $10,000.
For purposes of the preceding sentence, the term ‘modified
adjusted gross income’ means the adjusted gross income
of the taxpayer for the taxable year (determined without
regard to sections 911, 931, and 933).
H. R. 1—204
‘‘(D) QUALIFIED MOTOR VEHICLE.—For purposes of this
paragraph—
‘‘(i) IN GENERAL.—The term ‘qualified motor
vehicle’ means—
‘‘(I) a passenger automobile or light truck
which is treated as a motor vehicle for purposes
of title II of the Clean Air Act, the gross vehicle
weight rating of which is not more than 8,500
pounds, and the original use of which commences
with the taxpayer,
‘‘(II) a motorcycle the gross vehicle weight
rating of which is not more than 8,500 pounds
and the original use of which commences with
the taxpayer, and
‘‘(III) a motor home the original use of which
commences with the taxpayer.
‘‘(ii) OTHER TERMS.—The terms ‘motorcycle’ and
‘motor home’ have the meanings given such terms
under section 571.3 of title 49, Code of Federal Regulations
(as in effect on the date of the enactment of
this paragraph).
‘‘(E) QUALIFIED MOTOR VEHICLE TAXES NOT INCLUDED
IN COST OF ACQUIRED PROPERTY.—The last sentence of subsection
(a) shall not apply to any qualified motor vehicle
taxes.
‘‘(F) COORDINATION WITH GENERAL SALES TAX.—This
paragraph shall not apply in the case of a taxpayer who
makes an election under paragraph (5) for the taxable
year.
‘‘(G) TERMINATION.—This paragraph shall not apply
to purchases after December 31, 2009.’’.
(c) DEDUCTION ALLOWED TO NONITEMIZERS.—
(1) IN GENERAL.—Paragraph (1) of section 63(c) is amended
by striking ‘‘and’’ at the end of subparagraph (C), by striking
the period at the end of subparagraph (D) and inserting ‘‘,
and’’, and by adding at the end the following new subparagraph:
‘‘(E) the motor vehicle sales tax deduction.’’.
(2) DEFINITION.—Section 63(c) is amended by adding at
the end the following new paragraph:
‘‘(9) MOTOR VEHICLE SALES TAX DEDUCTION.—For purposes
of paragraph (1), the term ‘motor vehicle sales tax deduction’
means the amount allowable as a deduction under section
164(a)(6). Such term shall not include any amount taken into
account under section 62(a).’’.
(d) TREATMENT OF DEDUCTION UNDER ALTERNATIVE MINIMUM
TAX.—The last sentence of section 56(b)(1)(E) is amended by
striking ‘‘section 63(c)(1)(D)’’ and inserting ‘‘subparagraphs (D) and
(E) of section 63(c)(1)’’.
(e) EFFECTIVE DATE.—The amendments made by this section
shall apply to purchases on or after the date of the enactment
of this Act in taxable years ending after such date.

Brad, you are CORRECT-A-MUNDO! :notworthy:
 

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Hmmmm...doing some research...getting conflicting info on the web...some articles say it is applied to your taxable income (a deduction) but other info says it is a tax credit (which applies to your tax, not your taxable income)...digging deeper....
Hope you are right, but most likely not...see here...

http://www.irs.gov/newsroom/article/0,,id=204519,00.html

Note the language, they call it a deduction. In IRS terms, deductions are taken off your Income. If they come off your tax, they are called credits...IE: Child Tax Credit.

-Brad
 

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Hope you are right, but most likely not...see here...

http://www.irs.gov/newsroom/article/0,,id=204519,00.html

Note the language, they call it a deduction. In IRS terms, deductions are taken off your Income. If they come off your tax, they are called credits...IE: Child Tax Credit.

-Brad
See my amended message (text from the actual Congressional Act)...it is a TAX DEDUCTION as you say...many (worthless) articles can be found on the web that incorrectly use the term TAX CREDIT...nuts, but something is always better than nothing...
 
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