I would assume (had the proposed measure come into effect) that it would have been based on the sticker mpg ratings, so Mike’s Corvette could still potentially fall into the category of fuel inefficient, depending on if they do combined city/highway.
I wonder what mpg rating a car would have to get to be considered a fuel efficient vehicle. Was that anywhere in the article?
I would assume that this would be a tax credit as opposed to a deduction. A deduction is used to determine your taxable income and then you would take your tax rate (i.e. if you got a $4,500 deduction, you would essentially only be getting a $1,350 benefit assuming a 30% tax rate ($4,500 * 30%)). But if you got a credit, it would be taken out of your taxes due at actual face value of $4,500.
Let’s all just be thankful that this retarded proposal was eliminated from the bill…
We need more future project cars crushed??
I don’t think so…
17/25 which I dont understand… they must be driving around in 2nd gear or something when they do these tests.
does anybody know if this credit is limited per household? like could the wife and i both trade our cars in and get 2 new cars with 2 credits or is it limited to 1 per household?
There is no restriction like that. You should also know that this was DROPPED from the stimulus package, and thus it is NOT valid.
It got turned down.
No big deal. Just take out the loan – banks are flush with gubmint money, right now – let it default, and then gubmint bails you out, too!