Cycle Buyers Can Save on Purchase in 2009
Thinking about buying a moped, scooter, on-road or dual-sport motorcycle this year? If so, you’ll likely save some cash via a sales tax deduction added to the $787 billion American Recovery and Reinvestment Act signed into law on Feb. 17.
"While we are awaiting final language from the Treasury Department, we believe that many motorcycles and scooters will qualify," says Ed Moreland, vice president for government relations, American Motorcyclist Association (AMA).
The sales and excise tax deduction applies to motorcycles purchased between Feb. 17 and Dec. 31, 2009, with a gross vehicle weight rating (GVWR) less than an 8,500 lbs., and costing less than $49,500. Individuals can take the deduction if they make less than $125,000, or $250,000 for joint filers. The deduction is phased out for taxpayers with income between $125,000 and $135,000 ($250,000 to $260,000 for a joint return). Individuals do not have to itemize to claim the deduction.
The AMA, to illustrate the impact of the tax deduction, considered the case of a new motorcycle purchase of $10,500. For a 7.5 percent sales tax rate, the tax would be $787.50. To take advantage of the new law, purchasers would include that amount on their 2009 federal income tax return, meaning that their taxable income would be reduced by that amount before taxes are calculated. States set their own sales tax rates, so the actual amount of savings will depend on the taxpayer's state and tax rate.
Still to be learned is whether or not all unsold, new models are included, regardless of year, and whether or not off-road motorcycles are included.
Click here to read about how cycles became a part of the American Recovery and Reinvestment Act.
Submitted by "- Guido Ebert, Dealernews"
"While we are awaiting final language from the Treasury Department, we believe that many motorcycles and scooters will qualify," says Ed Moreland, vice president for government relations, American Motorcyclist Association (AMA).
The sales and excise tax deduction applies to motorcycles purchased between Feb. 17 and Dec. 31, 2009, with a gross vehicle weight rating (GVWR) less than an 8,500 lbs., and costing less than $49,500. Individuals can take the deduction if they make less than $125,000, or $250,000 for joint filers. The deduction is phased out for taxpayers with income between $125,000 and $135,000 ($250,000 to $260,000 for a joint return). Individuals do not have to itemize to claim the deduction.
The AMA, to illustrate the impact of the tax deduction, considered the case of a new motorcycle purchase of $10,500. For a 7.5 percent sales tax rate, the tax would be $787.50. To take advantage of the new law, purchasers would include that amount on their 2009 federal income tax return, meaning that their taxable income would be reduced by that amount before taxes are calculated. States set their own sales tax rates, so the actual amount of savings will depend on the taxpayer's state and tax rate.
Still to be learned is whether or not all unsold, new models are included, regardless of year, and whether or not off-road motorcycles are included.
Click here to read about how cycles became a part of the American Recovery and Reinvestment Act.
Submitted by "- Guido Ebert, Dealernews"
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