HR 385 111th Congress House

CAR Act of 2009

Official title: To amend the Internal Revenue Code of 1986 to provide tax incentives to consumers and lenders for the purchase of a passenger vehicle during 2009.

Introduced: October 28, 2009 Introduced by: Rogers, Mike D. Republican · Alabama See on congress.gov

Taxation Consumer creditIncome tax deductionsIncome tax exclusionInterest, dividends, interest rates

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Motor vehiclesSales and excise taxesState and local taxation

Everywhere this bill has been 3 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Jan 9, 2009

Referred to the House Committee on Ways and Means.

Jan 9, 2009

Sponsor introductory remarks on measure. (CR H94)

Jan 9, 2009

Introduced in House

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Latest action January 9, 2009

Referred to the House Committee on Ways and Means.

Plain-English summary Congressional Research Service

Consumer Auto Relief Act of 2009 or the CAR Act of 2009 - Amends the Internal Revenue Code to allow individual taxpayers a tax deduction for: (1) up to $7,500 of the purchase price of a new passenger automobile or light truck that is purchased in 2009; (2) interest paid on any loan to purchase such vehicles; and (3) state and local sales taxes paid on a vehicle purchase. Excludes from the gross income of lenders 50% of the interest paid on any consumer loan for the purchase of a new passenger automobile or light truck.

Bill text 1 version