Car Tax Credit (low income, sales, how much)

[flyingscotsman]

Was wondering if I bought a new car this year for say $15,000 how much would my tax credit be as apposed to buying it next year.

In other words finacially how much would the monetry amount be different.

[burnhagw]

probably a couple hundred

[XcapefromNJ]

There is a tax credit for new car purchases?? Better do some research! I bought a new car this year. Please don't tell me purchase had to be made after june 1 or something like that.

ok... research done. It's a deduction, not a credit.

The deduction is limited to the state and local sales and excise taxes paid on up to $49,500 of the purchase price of a qualified new car, light truck, motor home or motorcycle.
The amount of the deduction is phased out for taxpayers whose modified adjusted gross income is between $125,000 and $135,000 for individual filers and between $250,000 and $260,000 for joint filers.
IRS also alerted taxpayers that the vehicle must be purchased after Feb. 16, 2009, and before Jan. 1, 2010, to qualify for the deduction.

I think all we have is that 3% road use tax upon purchase, right? So on a $24,000 car the tax is $720 and I could deduct that from my extremely low income so it won't be worth much. Oh well, but see that BS about car must be purchased after Feb 16? What a crock! Mine was, but still... we are used to capricious changes being made to the tax code on a calendar year basis. Drives me nuts when they have arbitrary cutoff dates.