US SB333 | 2009-2010 | 111th Congress
Status
Spectrum: Slight Partisan Bill (Democrat 4-2)
Status: Introduced on January 27 2009 - 25% progression, died in chamber
Action: 2009-01-27 - Read twice and referred to the Committee on Finance.
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on January 27 2009 - 25% progression, died in chamber
Action: 2009-01-27 - Read twice and referred to the Committee on Finance.
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
A bill 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 sales and excise taxes with respect to the purchase of certain motor vehicles.
Sponsors
| Sen. Sam Brownback [R-KS] | Sen. Benjamin Cardin [D-MD] | Sen. Kay Hutchison [R-TX] | Sen. Barbara Mikulski [D-MD] |
| Sen. Debbie Stabenow [D-MI] | Sen. Jim Webb [D-VA] |
History
| Date | Chamber | Action |
|---|---|---|
| 2009-01-27 | Read twice and referred to the Committee on Finance. |
Same As/Similar To
HB159 (Related) 2009-01-06 - Referred to the House Committee on Ways and Means.
Subjects
Consumer credit
Income tax deductions
Interest, dividends, interest rates
Motor vehicles
Sales and excise taxes
State and local taxation
US Congress State Sources
| Type | Source |
|---|---|
| Summary | https://www.congress.gov/bill/111th-congress/senate-bill/333/all-info |
| Text | https://www.congress.gov/111/bills/s333/BILLS-111s333is.pdf |
