To amend the Internal Revenue Code of 1986 to allow an above-the-line deduction against individual income tax for interest on indebtedness and for State and local sales and excise taxes with respect to the purchase of certain motor vehicles.

3.0.0 3684 2019-11-15T21:59:20Z 2019-11-15T21:59:20Z Senate S S 2008-11-17 110 ssfi00 Finance Committee Senate Standing Referred to 2008-11-17T19:10:24Z To amend the Internal Revenue Code of 1986 to allow an above-the-line deduction against individual income tax for interest on indebtedness and for State and local sales and excise taxes with respect to the purchase of certain motor vehicles. 110 7273 HR 2008-11-19 Referred to the House Committee on Ways and Means. Identical bill CRS 2008-11-19 Sponsor introductory remarks on measure. (CR S10609-10610) IntroReferral B00100 9 Library of Congress 2008-11-17 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2008-11-17 Sponsor introductory remarks on measure. (CR S10579-10580) IntroReferral B00100 9 Library of Congress 2008-11-17 Introduced in Senate IntroReferral 10000 9 Library of Congress M000702 Sen. Mikulski, Barbara A. [D-MD] BARBARA MIKULSKI D MD ANN N B000611 Sen. Bond, Christopher S. [R-MO] CHRISTOPHER BOND R MO S. 2008-11-17 True L000261 Sen. Levin, Carl [D-MI] CARL LEVIN D MI MILTON 2008-11-17 True S000770 Sen. Stabenow, Debbie [D-MI] Debbie Stabenow D MI 2008-11-17 True C000141 Sen. Cardin, Benjamin L. [D-MD] Ben Cardin D MD 2008-11-19 False B000944 Sen. Brown, Sherrod [D-OH] Sherrod Brown D OH 2008-11-19 False I000024 Sen. Inhofe, James M. [R-OK] Jim Inhofe R OK 2008-12-08 False S000033 Sen. Sanders, Bernard [I-VT] Bernard Sanders I VT 2008-12-08 False V000126 Sen. Voinovich, George V. [R-OH] GEORGE VOINOVICH R OH V. 2008-12-08 False Taxation Automobiles Commerce Consumer credit Excise tax Finance and Financial Sector Government Operations and Politics Income tax Interest Local taxation Sales tax State taxation Tax deductions Transportation and Public Works Taxation

00 2008-11-17 Introduced in Senate 2008-11-26T15:43:02Z Amends the Internal Revenue Code to allow individual taxpayers a deduction from gross income for: (1) interest paid on indebtedness (up to $49,500) incurred after November 12, 2008, and before January 1, 2010, for the purchase of a motor vehicle (i.e., passenger automobile or light truck) with a gross vehicle weight rating of not more than 8,500 pounds; and (2) state and local sales and excise taxes imposed on the purchase of such a motor vehicle.

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A bill to amend the Internal Revenue Code of 1986 to allow an above-the-line deduction against individual income tax for interest in indebtedness and for State sales and excise taxes with respect to the purchase of certain motor vehicles. Display Title A bill to amend the Internal Revenue Code of 1986 to allow an above-the-line deduction against individual income tax for interest in indebtedness and for State sales and excise taxes with respect to the purchase of certain motor vehicles. Official Title as Introduced A bill to amend the Internal Revenue Code of 1986 to allow an above-the-line deduction against individual income tax for interest in indebtedness and for State sales and excise taxes with respect to the purchase of certain motor vehicles. Introduced in Senate 2008-11-17T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110s3684is/xml/BILLS-110s3684is.xml 2008-11-19 Sponsor introductory remarks on measure. (CR S10609-10610) text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.