House and Senate negotiators agreed on a $789 billion stimulus bill that includes a scaled-back tax break to buy new vehicles. The $11 billion provision sponsored by Sen. Barbara Mikulski, D-Md., was to make sales tax deductible as well as the interest paid on auto loans deductible on new vehicles of up to $49,500. The National Automobile Dealers Association said the buyer on a $25,000 would save $1,500 on average. The scaled-down tax break is now worth about $5 billion, said Sen. Ben Nelson, D-Neb., one of the negotiators of a compromise. The proposal passed the Senate last week on a 71-26 vote.
Remember the EASIEST way to send and add photos at AutoSpies.com is by emailing them to mobile@AutoSpies.com
2009 Chicago Auto Show Photo Galler
Read Article