Motorcycles Included in Stimulus Bill
According to a story by Larry Connors on Channel 4 KMOV, Missouri Senator Kit Bond helped get motorcycle purchases included in the Economic Stimulus Bill just passed by both the House and the Senate.
This excerpt from the AMA has some more detail:
'Specifically, motorcycles are included as "qualified vehicles" in Section 1008 of the legislation. Those purchasing a new motorcycle will be able to deduct the sales and excise taxes on their 2009 tax returns. Prior to the actions taken by the AMA and others, the deductions only applied to the purchase of a new car or light truck.'
posted by John at 10:52 AM
3 comments
Jim, Publisher 
3 Comments:
More on this topic from the MRF (Motorcycle Rider Foundation).
Here is the breakdown:
* From now until the end of 2009 any one will be able to deduct all state
and local taxes from the purchase of a new motorcycle so long as the
purchaser makes less than $125,000 a year as a single tax filer or
$250,000 for those filing jointly.
* The deduction applies to new motorcycles with a purchase price of up to
$49,500 and a gross vehicle curb weight of less than 8,500 lbs.
* This is what is known as an "above the line deduction" which means all
taxpayers are eligible whether the purchaser itemizes other deductions or
not.
This deduction also applies to passenger cars, light trucks and
recreational vehicles so long as they meet the same qualifiers.
Is this only for vehicles purchased in Missouri or is Illinois included??
I would think it would also include Illinois the Stimulus Bill is a piece of national legislation and as such so aply equally everywhere.
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