Tax deduction for Smart plus gas mileage??
Does anyone know if the purchase of a Smart is considered one of the type of vehicles for the Federal Government Car Allowance Rebate System or the Ultra Low Emissions Vehicle (ULEU), which EPA considers a "Smartway Vehicle"? I was wondering if, because it gets such good gas mileage, it would fall under the category for a tax deduction. I know a lot of people who own their Smarts are getting a wide variety of differences on their mileage, but I personally have been ranging between 48 - 51 mpg. I have learned, it's all in the way you drive (i.e., how fast, how hot, and go by the instructions in the book regarding accelleration). I live in Phoenix Arizona. It doesnt get any hotter than here - regardless of the humidity. We have reached our high this year at 118 so far, and our summer has just begun. I find I get less mileage when the temps start out at 100 degrees at 10 am. If anyone knows of the tax law infor, please pass it on. I would like to know before I have to go and file taxes in April of next year. Thanks for all your input!
Just to clarify a little, I am NOT talking about the recent rebate program the Government just started and then back tracked on. I AM talking about any kind of tax relief for when you file your Federal taxes. I understand each State will be different. If I remember correctly, there was some "talk" about anyone who purchased an economically sound vehicle (like a hybrid) would receive some kind of tax deduction on their income taxes. I was wondering if the Smart would fall in that catigory?
Just to clarify a little, I am NOT talking about the recent rebate program the Government just started and then back tracked on. I AM talking about any kind of tax relief for when you file your Federal taxes. I understand each State will be different. If I remember correctly, there was some "talk" about anyone who purchased an economically sound vehicle (like a hybrid) would receive some kind of tax deduction on their income taxes. I was wondering if the Smart would fall in that catigory?
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Comment by Tommy Wong on August 2, 2009 at 2:19am -
Unfortunately the only deduction you get is the sales tax deduction if Congress decides to pass it for the year you bought the car in. This car is neither electric or hybrid so we don't get that one. Only reason I know this, when we got a hyvrid SUV for my wife, we got the low emmission deduction, which is less than an ultra low emmission deduction.
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Comment by Robert Stout on August 2, 2009 at 1:43am -
I bought my Passion on 1/31/09, then the Federal government made the sales tax deductible IF YOU BUY A NEW CAR AFTER 2/15/09...Someone in Washington DC doesn't like me...
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Comment by jwight on August 1, 2009 at 6:11pm -
Just to qualify my first post, the CARS program is getting another $2B within the next week so there's still time to make a deal.
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Comment by Wally Gullang on August 1, 2009 at 5:36pm -
I wrote to both my federal senator (real jerk) and my federal rep.. Never did get an answer from the senator (still a jerk) but I did from my rep.. The answer went completly in one big circle around the question and never did answer what I asked. So good luck with your taxes. Oh, and by the way, did I mention that my senator is a jerk ?
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Comment by Bob Williams on July 31, 2009 at 3:54pm -
$4,500/car = 222,222 cars per billion. That seems like a lot of cars to be scrapped in a week. Price of scrap metal should be declining quickly. Wonder how much of the Billion goes to "government overhead"?
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Comment by Tori on July 31, 2009 at 3:30pm -
1 Billion already spent? I thought it just started last week.
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Comment by jwight on July 31, 2009 at 1:08pm
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It certainly qualifies for CARS at an EPA rating of 36 mpg combined; however, that program is temporarily suspended due to its success - used up all the money originally allocated.
The smart gets no rebate for being ULEV.
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