Senate Votes to Include Tax Breaks for Car Buyers in Stimulus

It’s no secret that, in the credit crunch, car sales have suffered enormously, and that’s why the Senate adopted an $11.5 billion amendment that would allow car buyers an income tax deduction for the sales tax and interest payments on car loans.

The vote, which passed 71-26, would apply to both domestic and foreign vehicles. Keep in mind, this only means it’s part of the current Senate bill, and it must still be agreed upon by the House before President Barack Obama will have a chance to sign it into law.

Let us know what you think. Would this affect your decision to buy a car right now? Would it push you toward making that new-car purchase?

Senate Backs Tax Breaks for Car Buyers in Stimulus (Wall Street Journal)