The Consumer Auto Relief Act as it's being called would also, as though in addition to the $7500, etc.:
"make tax deductible the state and local taxes paid on the new car purchase and the interest on the loan. The federal tax breaks would apply to all new car purchases, regardless of personal income levels or
whether the buyer itemizes deductions on federal taxes."
There are other proposals in the works:
"U.S. Sen. Barbara Mikulski, D-Md., has a proposal to make interest payments on car loans and state sales taxes deductible for car purchases, but only to people below certain income levels, and a spokeswoman said she plans to reintroduce it within two weeks. A similar House version was introduced last week by Rep. Bill Pascrell Jr., D-N.J."
Things are looking up for us car buyers!
