The Federal Tax Credits Blog

Posts Tagged ‘vehicle’

Question: Will a trade in affect the sales tax for new car purchase in California?

The car I am going to buy will sell for $22,500…if I get credit for $8,000 for my trade in, will the sales tax be based on $14,500 (22,500-8,000)? Does this apply to California sales tax laws?

Answer: California will require you to pay sales tax (based on the rate for your County of residence – not where purchased) on the purchase amount regardless of any trade-in.

The magneto’s fixed

“We have magneto trouble. How, then, can we start up again?” mused John Maynard Keynes in December 1930, likening the stagnant economy of the Great Depression to a broken generator in an automobile.

2006 LEXUS LX 470 4DR SUV 4×4 Certified Navigation

Question: Ohio sales taxes on a used car purchase with a trade-in?

For a used car purchase, should you deduct the trade-in from the used car purchase price to calculate the Ohio sales tax? I bought a used car and had a trade in and I was taxed on the full purchase price of the used car. I got no credit for my trade in.
Thanks

Answer: I live in ohio too, and trade ins only get deducted off of NEW car purchases. Sorry, just don’t seem fair.

GM Accelerates Toward Chinese Business, Plug-Ins

GM’s successful IPO raised billions of dollars and allowed the government to cut its stake in the automaker by half. CEO Dan Akerson says the company is committed to boosting production of the Volt — its plug-in electric car — and to reaping huge profits from selling cars in China.

Recovery: Vehicle Tax Deduction (ASL, Captions & Voice Over)

2012 Mitsubishi i MiEV Revealed: 2010 Los Angeles Auto Show

Redesigned for North America: 2012 Mitsubishi i MiEV. | November 09, 2010 | Mitsubishi Motor Sales of America LOS ANGELES — Mitsubishi has released the first images of its North American-spec i MiEV , which will make its public debut next week at the 2010 Los Angeles Auto Show and is expected to go on sale in the U.S. next fall as a 2012 model.

bentley custom golf cart

Question: Which non profit org. would want to buy my electric cart?

i bought 2 of these for tax credit:

http://www.freeelectriccar.com/?gclid=CIX07MGX5J4CFSWlagod7C74Iw

so i basicly got them free,

i got no need for them so i want sell them,
but im only allowed to resell to a non-profit, what type of organization would want to buy them from me?

Answer: No nonprofit is going to buy them; they will likely be glad to accept a donation of either one or both.

Nissan’s All-New Electric Car Undercuts Chevy’s Volt, Is It MORE Attractive Now?

**Thanks to topneuro for the tip! NEW YORK (CNNMoney. com) — Nissan announced Tuesday that its Leaf electric car will come with a sticker price of $32,780. But after a federal tax credit of $7,500, the car will only set you back about $25,280.

To cope with the gloomy real estate market, lawmakers and businesses call out for an increase in tax credit for first-time home buyers. Right now, the tax credit is maxed at $8,000 and is expiring this coming fall. Some business groups suggest the tax credit be increased to $15,000 for first-time home buyers.

According to the National Association of Realtors (NAR), 40% of home purchases consist of first-time home buyers, a 5% increase than the historical average. The tax credit, originally part of the economic stimulus package, was introduced last July 2008 and was later expanded in February. According to some economists, the tax benefit is crucial to stimulate home buying and to stabilize prices.

The proposal to increase the tax credit includes the following:

Bernard Bauhmol, an Economic Outlook Group economist, is confident that the Congress will approve the proposal because “it’s important that housing come back” despite the fact that raising the credit will result to reduction of taxes. Meanwhile, the Business Roundtable, a group of CEOs of big companies urges the Congress to increase the tax credit to up to $15,000 and make all home buyers eligible. Realogy CEO Richard Smith thinks that the real issues are how to stimulate the “move-up market” and how to pay for it.

At the moment, the policy on tax credit does not apply to singles who earn above $95,000 per annum and couples who earn above $170,000. There are some business leaders who want these income caps removed to increase the number of eligible individuals. At the end of the day, one thing’s for sure – if these proposals were approved, more people will definitely take advantage of the expanded tax credit.

A decade of news: Property taxes, hospital sale, steel, economy are top stories in Duneland

The Top 10 new storys of the decade in Duneland and Porter County, in no particular order.

Free Electric Car Tax Credit and Car Demo!