The CARS Act expressly provides that the credit is not income for the consumer.
Also, for 2009, the sales taxes on a new car purchase are tax deductible.
ಶುಕ್ರವಾರ, ಅಕ್ಟೋಬರ್ 9, 2009
Cash For Clunkers Credit Not Taxable
I have gotten one of those chain emails purporting to show that the CARS program (cash-for-clunkers) actually costs you more money than you save if your car had some trade in value. The email is based on a false premise, that the credit is taxable. It is not. According to the CARS.GOV web site (here),
Also, for 2009, the sales taxes on a new car purchase are tax deductible.
Also, for 2009, the sales taxes on a new car purchase are tax deductible.
