Post by Crossbones Dennis on Mar 22, 2010 18:09:44 GMT -6
The American Motorcyclist Association (AMA) is urging dealers to remind customers that they may be eligible for a federal tax deduction on their 2009 taxes if they bought a new motorcycle last year.
With the federal income tax deadline less than 30 days off, it’s a great time to add a message to vehicle service reminders or e-newsletters.
The American Recovery and Reinvestment Act -- a landmark $787 billion economic stimulus package that President Barack Obama signed into law in February 2009 -- provides a deduction for state and local sales and excise taxes paid on the purchase of qualified new vehicles from Feb. 17 through Dec. 31, 2009. Qualified new vehicles include street and dual-sport motorcycles, scooters, mopeds, cars, light trucks and motor homes.
"At first, Congress was not going to include motorcycles in this bill, but the AMA and the association's members, along with Harley-Davidson and others, persuaded our elected representatives to go back to the drawing board and fix that oversight," said AMA VP for government relations Ed Moreland.
Eligible vehicles must have a gross vehicle weight rating (GVWR) of 8,500 pounds or less, and cost less than $49,500. Individuals can take the full deduction if they make less than $125,000, or $250,000 for joint filers. The deduction is phased out for taxpayers with income between $125,000 and $135,000 ($250,000 to $260,000 for a joint return). Taxpayers need not itemize to claim the deduction.
To read the Internal Revenue Service "Questions and Answers" about the deduction, go to IRS.gov or www.irs.gov/newsroom/article/0,,id=211310,00.html.
With the federal income tax deadline less than 30 days off, it’s a great time to add a message to vehicle service reminders or e-newsletters.
The American Recovery and Reinvestment Act -- a landmark $787 billion economic stimulus package that President Barack Obama signed into law in February 2009 -- provides a deduction for state and local sales and excise taxes paid on the purchase of qualified new vehicles from Feb. 17 through Dec. 31, 2009. Qualified new vehicles include street and dual-sport motorcycles, scooters, mopeds, cars, light trucks and motor homes.
"At first, Congress was not going to include motorcycles in this bill, but the AMA and the association's members, along with Harley-Davidson and others, persuaded our elected representatives to go back to the drawing board and fix that oversight," said AMA VP for government relations Ed Moreland.
Eligible vehicles must have a gross vehicle weight rating (GVWR) of 8,500 pounds or less, and cost less than $49,500. Individuals can take the full deduction if they make less than $125,000, or $250,000 for joint filers. The deduction is phased out for taxpayers with income between $125,000 and $135,000 ($250,000 to $260,000 for a joint return). Taxpayers need not itemize to claim the deduction.
To read the Internal Revenue Service "Questions and Answers" about the deduction, go to IRS.gov or www.irs.gov/newsroom/article/0,,id=211310,00.html.