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H.R. 385

BillFederalHouseIn Committee
CAR Act of 2009
About This Bill
Committee
Latest Action · January 9, 2009
Referred to the House Committee on Ways and Means.
Congress
111th (2009–2011)
Introduced
January 9, 2009
Cosponsors (24)
5D 19R
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Summary

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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.

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