mockingbird812
01-29-2009, 11:46 PM
Hemmings e-Weekly:
Legislation
CARA-mia mine
Here are two items we’re not touching: H.R. 520, the Accelerated Retirement of Inefficient Vehicles Act of 2009 (“Cash for Clunkers”); and President Obama’s proposed revision to the Clean Air Act, allowing states to set their own emissions standards. Less likely to incite riot than either of those measures, and largely overlooked in their long dark shadows, has been Rep. Mike D. Rogers’ (R-Alabama 3rd) H.R. 385, the Consumer Auto Relief Act of 2009. CARA 2009 is a proposal to provide an enormous tax incentive towards the purchase of a new vehicle. How enormous? CARA 2009 provides for a $7,500 incentive during its initial 90 days of operation; $5,000 during a second undefined period; and $2,500 through the end of the year in which it’s enacted. “I believe it will get people back into dealerships and create orders for the manufacturers,” Rep. Rogers said in the Cleburne (Alabama) News. “We’ve got to thaw this out.”
Unlike other similar incentives contemplated on a state and local level in an effort to keep dealerships open, CARA 2009 would apply toward any car or light truck, not just those from domestic automakers. If passed, the incentives would come in the form of a reduction in the reported adjusted gross income on your tax returns for 2009. The measure enjoys bipartisan cosponsorship, and Rep. Rogers said that the bill also has the endorsement of the National Automobile Dealers Association: “They were a little concerned about being overambitious, but this is not the time to be shy,” he said in the News.
Introduced on January 9, the measure has been referred to the House Committee on Ways and Means, we presume to examine the tax revenue implication; contact Committee chair Congressman Charles B. Rangel (D-New York 15th) at [email protected], or call his D.C. office at 202-225-4365 to let him know how you feel. And let us know your thoughts on the matter, too.
- By David Traver Adolphus
Legislation
CARA-mia mine
Here are two items we’re not touching: H.R. 520, the Accelerated Retirement of Inefficient Vehicles Act of 2009 (“Cash for Clunkers”); and President Obama’s proposed revision to the Clean Air Act, allowing states to set their own emissions standards. Less likely to incite riot than either of those measures, and largely overlooked in their long dark shadows, has been Rep. Mike D. Rogers’ (R-Alabama 3rd) H.R. 385, the Consumer Auto Relief Act of 2009. CARA 2009 is a proposal to provide an enormous tax incentive towards the purchase of a new vehicle. How enormous? CARA 2009 provides for a $7,500 incentive during its initial 90 days of operation; $5,000 during a second undefined period; and $2,500 through the end of the year in which it’s enacted. “I believe it will get people back into dealerships and create orders for the manufacturers,” Rep. Rogers said in the Cleburne (Alabama) News. “We’ve got to thaw this out.”
Unlike other similar incentives contemplated on a state and local level in an effort to keep dealerships open, CARA 2009 would apply toward any car or light truck, not just those from domestic automakers. If passed, the incentives would come in the form of a reduction in the reported adjusted gross income on your tax returns for 2009. The measure enjoys bipartisan cosponsorship, and Rep. Rogers said that the bill also has the endorsement of the National Automobile Dealers Association: “They were a little concerned about being overambitious, but this is not the time to be shy,” he said in the News.
Introduced on January 9, the measure has been referred to the House Committee on Ways and Means, we presume to examine the tax revenue implication; contact Committee chair Congressman Charles B. Rangel (D-New York 15th) at [email protected], or call his D.C. office at 202-225-4365 to let him know how you feel. And let us know your thoughts on the matter, too.
- By David Traver Adolphus