US HB159 | 2009-2010 | 111th Congress
Status
Spectrum: Bipartisan Bill
Status: Introduced on January 6 2009 - 25% progression, died in committee
Action: 2009-01-06 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on January 6 2009 - 25% progression, died in committee
Action: 2009-01-06 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]
Summary
Amends the Internal Revenue Code to allow individual taxpayers a deduction from gross income for: (1) interest paid on indebtedness (up to $49,500) incurred after November 12, 2008, and before January 1, 2010, for the purchase of a motor vehicle (i.e., passenger automobile or light truck) with a gross vehicle weight rating of not more than 8,500 pounds; and (2) state and local sales and excise taxes imposed on the purchase of such a motor vehicle.
Title
To amend the Internal Revenue Code of 1986 to allow an above-the-line deduction against individual income tax for interest on indebtedness and for State and local sales and excise taxes with respect to the purchase of certain motor vehicles.
Sponsors
History
| Date | Chamber | Action |
|---|---|---|
| 2009-01-06 | Referred to the House Committee on Ways and Means. |
Same As/Similar To
SB333 (Related) 2009-01-27 - Read twice and referred to the Committee on Finance.
Subjects
Consumer credit
Income tax deductions
Interest, dividends, interest rates
Motor vehicles
Sales and excise taxes
State and local taxation
Taxation
Income tax deductions
Interest, dividends, interest rates
Motor vehicles
Sales and excise taxes
State and local taxation
Taxation
US Congress State Sources
| Type | Source |
|---|---|
| Summary | https://www.congress.gov/bill/111th-congress/house-bill/159/all-info |
| Text | https://www.congress.gov/111/bills/hr159/BILLS-111hr159ih.pdf |
