Obama Offers Incentives To Spur Auto Sales

If you buy a car, you can deduct the cost of any sales and excise taxes. The plan is meant to boost car sales in the U.S., which have seen their worst decline in 27 years.

By: Jamie Burch | WKRG-TV
Published: March 30, 2009

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WASHINGTON (AP) - President Barack Obama says the federal
government is preparing to offer several incentives to get
Americans to buy more U.S.-made cars.
In a White House speech, Obama said the IRS will start notifying
consumers who purchased cars after Feb. 16 that they can deduct the
cost of any sales and excise taxes. The program would remain in
effect till year's end.
Obama says he wants to work with Congress to use parts of the
economic stimulus package to fund a program that would allow
consumers to get a "generous credit" when they replace an older,
less fuel-efficient car and buy a new, cleaner car.
The president says he wants to make the program retroactive
starting Monday. It's meant to boost car sales in the U.S., which
have seen their worst decline in 27 years.

(Copyright 2009 by The Associated Press. All Rights Reserved.)