SAVE hundreds of dollars - get a tax deduction when you buy a new MOTORCYCLE or SCOOTER!
This year’s Government stimulus package includes tax breaks for consumers who purchase new on-road two or three wheeled motorcycles or scooters in 2009.
The law, officially designated as the American Recovery and Reinvestment Act of 2009, allows buyers of "qualified motor vehicles" to take a tax deduction for state or local sales or excise tax imposed on the purchase, up to $49,500 of the purchase price. The deduction applies to NEW purchases made between February 17 and December 31, 2009, and taxpayers do not need to itemize to claim it.
Tax Break Key Points:
Vehicles eligible for the tax deduction are all on-road two and three wheeled vehicles weighing less than 8,500 pounds and is limited to the tax on up to $49,500 of the purchase price
The deduction applies to vehicles purchased between February 17, 2009 - Dec. 31, 2009
Only new on-road two- or three-wheeled motorcycles or scooters are eligible
The tax deduction is for state or local sales or excise tax imposed on the purchase
(Single taxpayers with an adjusted gross income over $125,000 and married tax payers with an adjusted gross income over $250,000 are not eligible)
The law also includes a new 10 percent tax credit, up to $2,500 for motorcycles (two or three-wheeled vehicles) with electric motors manufactured primarily for use on public streets, roads and highways purchased by December, 2011
