Do You Qualify for Auto Consumer Stimulus Tax Credit?
This week, President Obama signed into law the Car Allowance Rebate System (C.A.R.S.) - a program that pays consumers up to $4,500 in tax credit for trading in their cars or trucks for more fuel efficient vehicles.
As the New York Times reports, you will need to check if your vehicle qualifies for the trade-in credit. You can check out The National Highway Traffic Safety Administration web site to see if you are eligible to participate in the program. Generally, to qualify your car must be:
• at most 25 years old.
• gets 18 miles a gallon or less.
• drivable.
• registered.
• insured for the past year.
The government, which is very focused on bailing out the devastated automotive industry, is allocating $1 billion for the program.
Source
Source: Tax Law Blog | IRS Tax Attorneys
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