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I just found this and wanted to know if anyone has been able to take a Tax credit yet?



Later

Van

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Obama To Sign Sales Tax Credit For New Motorcycle Purchase


February 18, 2009 - 02:38 PM
Tax Credit For Purchase Of New Motorcycles


Thanks to the efforts of the AMA (American Motorcyclist Association) along with Harley and many others, this bill will be signed into law by President Obama. This historic motorcycle event will allow motorcycle riders to deduct their sales and excise tax with the purchase of a new motorcycle. It is now part of the presidents stimulus package that will help dealers sell more bikes.
Historic Motorcycle Tax Credit Relief Bill

Motorcycles will now be included as "Qualified Vehicles" in section 1008 of the legislation of this tax relief bill. Anyone purchasing a new motorcycle can deduct the Sales and Excise Tax Paid on their 2009 tax return. Prior to the latest version of this bill, Washington wanted to only apply this tax relief credit to the purchase of a new car or truck only.

Thanks to everyone at the AMA, Harley and other groups who worked so hard for the motorcycle community, motorcycles have now been added to the bill and will be part of President Obama's national stimulus plan.
Motorcycles Help Our Nations Economy

Motorcycles save gas, reduce traffic congestion and have become a practical form of transportation worldwide. Here in the United States the highest percentage has always been for enjoyment and recreation. Abroad, most countries found motorcycles and scooters to be the smartest form of transportation, reducing fuel costs and traffic congestion.

States like California, with high traffic congestion and smog in some cities have already passed laws allowing motorcycles to use the car pool lane as well as splitting lanes in traffic, provided proper speed limits are respected.

So many of our own regular Gold Wing customers have been using their bikes as transportation to and from work for these very reasons. They are able to use the car pool lanes, get to and from work faster and save fuel while riding their motorcycles everyday and enjoying every minute of it.
 

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I just found this and wanted to know if anyone has been able to take a Tax credit yet?
Couple of things: It is not a tax credit, but a deduction of the sales tax against any earned income. Tax credits are great, but tax deductions are so-so.

Since it applies to 2009 taxable income, obviously nobody has been able to take advantage of it yet.

On a 20K Goldwing purchase, the tax savings would be in the area of $336 on your federal return.
 

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We already get that deduction in Texas (and several other states).
 

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We already get to deduct the sales tax on major purchases in Tennessee. Plus a calculated value based on our income, since TN does not have income tax:tongue:.

BTW, motorcycles qualify for HOV lanes on any Fed supported highway system (which would be all of them) by law. States don't have to enact legislation to permit it, just tell their officers to leave the bikes in HOV lanes alone.
 

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SO, how do I forge my paperwork to say I purchased my 2009 in January instead of Nov 2008? :22yikes:
 

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SO, how do I forge my paperwork to say I purchased my 2009 in January instead of Nov 2008? :22yikes:
From what I have seen in writing you will be able to take advantage of it if you purchased after Nov. 12 2008. If this is still the case you will still have to wait until you do your 2009 taxes in the spring of 2010.
 

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You have to buy a new bike, then complain you can't afford it. Say you had no idea what the payments would be and the bank ripped you off. Go into repo, Then Obama will bail you out. :cry:
 

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Discussion Starter #10
Couple of things: It is not a tax credit, but a deduction of the sales tax against any earned income. Tax credits are great, but tax deductions are so-so.

Since it applies to 2009 taxable income, obviously nobody has been able to take advantage of it yet.

On a 20K Goldwing purchase, the tax savings would be in the area of $336 on your federal return.
So, buying a used bike would save you much more $$$.:thumbup:
 
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