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I read this article not 24 hours after noticing in the THOMAS database that two similar bills (minus the scrapping) had been introduced so far by members of the U.S. 111th Congress.
Does Itulip, Inc. think that one of these measures will be passed?
'Scrapping Bonus' Injects Life into German Car Sales
H.R.385
Title: To amend the Internal Revenue Code of 1986 to provide tax incentives to consumers and lenders for the purchase of a passenger vehicle during 2009.
Sponsor: Rep Rogers, Mike D. [AL-3] (introduced 1/9/2009) Cosponsors (16)
Latest Major Action: 1/9/2009 Referred to House committee. Status: Referred to the House Committee on Ways and Means.
SEC. 224. INCENTIVES TO CONSUMERS AND LENDERS FOR THE PURCHASE OF A PASSENGER VEHICLE DURING 2009.
`(a) Deduction for Consumer Purchases- In the case of an individual, there shall be allowed as a deduction an amount equal to the purchase price of any qualified vehicle placed in service by the taxpayer during the taxable year.
`(b) Dollar Limitations- The deduction allowed by subsection (a) with respect to each qualified vehicle shall not exceed--
`(1) $7,500 if such vehicle is placed in service during the 90-day period beginning on the date of the enactment of this section,
`(2) $5,000 if such vehicle is placed in service during the 90-day period beginning on the day after the period described in paragraph (1), and
`(3) $2,500 if such vehicle is placed in service after the period described in paragraph (2).
*****
H.R.550
Title: To amend the Internal Revenue Code of 1986 to allow individuals and businesses a temporary credit against income tax for the purchase of certain vehicles.
Sponsor: Rep Manzullo, Donald A. [IL-16] (introduced 1/15/2009) Cosponsors (1)
Latest Major Action: 1/15/2009 Referred to House committee. Status: Referred to the House Committee on Ways and Means.
Get America Moving Again Act of 2009 (Introduced in House)
SEC. 2. TEMPORARY CREDIT FOR PURCHASE OF PASSENGER VEHICLES.
(a) In General- Subpart B of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after section 30D the following new section:
`SEC. 30E. TEMPORARY CREDIT FOR PURCHASE OF PASSENGER VEHICLES.
`(a) Allowance of Credit- There shall be allowed as a credit against the tax imposed by this chapter for the taxable year an amount equal to the purchase price of any qualified passenger vehicle placed in service by the taxpayer during the taxable year.
`(b) Maximum Credit-
`(1) NEW VEHICLES- In the case of each qualified passenger vehicle the original use of which begins with the taxpayer, the credit allowed by subsection (a) shall not exceed--
`(A) $5,000 in the case of a vehicle placed in service before January 1, 2010, and
`(B) $2,500 in the case of a vehicle placed in service during 2010.
`(2) USED VEHICLES- In the case of each qualified passenger vehicle the original use of which does not begin with the taxpayer, the credit allowed by subsection (a) shall not exceed--
`(A) $2,000 in the case of a vehicle placed in service before January 1, 2010, and
`(B) $1,000 in the case of a vehicle placed in service during 2010.
`(c) Limitation Based on Adjusted Gross Income-
`(1) IN GENERAL- In the case of a natural person, the amount allowable as credit under this section (without regard to this subsection) for any taxable year shall be reduced (but not below zero) by the amount which bears the same ratio to the amount so allowable as--
`(A) the excess (if any) of--
`(i) the taxpayer's modified adjusted gross income for such taxable year, over
`(ii) $125,000 ($250,000 in the case of a joint return), bears to
`(B) $10,000.
Does Itulip, Inc. think that one of these measures will be passed?
'Scrapping Bonus' Injects Life into German Car Sales
A new measure to pay owners of old cars €2,500 to junk their wrecks and buy something new has proven popular in Germany. In fact the idea is so popular that money for the program may be running short -- even before the measure has passed.
But one aspect of the second stimulus package, which has not yet been passed into law, looks like a rousing success. The package foresees granting €2,500 ($3,250) to people who elect to junk their current automobile, provided it's at least nine years old, and buy a new (or slightly used) car. Interest has been intense.
As many as 1.2 million people may advantage of the offer should it become law, according to the market research institute Puls. The government office that will oversee the plan -- the Federal Office of Economics and Export Control (BAFA) -- has been overwhelmed by requests for information. Some 270,000 people called the agency's hotline on Monday; on Tuesday the number was 150,000.
Interest has been so great, in fact, that the €1.5 billion set aside for the so-called "scrapping bonus" may now be too limited. The budget could pay for the scrapping of 600,000 cars -- meaning that car owners who wait too long may miss out on the bonus.
But one aspect of the second stimulus package, which has not yet been passed into law, looks like a rousing success. The package foresees granting €2,500 ($3,250) to people who elect to junk their current automobile, provided it's at least nine years old, and buy a new (or slightly used) car. Interest has been intense.
As many as 1.2 million people may advantage of the offer should it become law, according to the market research institute Puls. The government office that will oversee the plan -- the Federal Office of Economics and Export Control (BAFA) -- has been overwhelmed by requests for information. Some 270,000 people called the agency's hotline on Monday; on Tuesday the number was 150,000.
Interest has been so great, in fact, that the €1.5 billion set aside for the so-called "scrapping bonus" may now be too limited. The budget could pay for the scrapping of 600,000 cars -- meaning that car owners who wait too long may miss out on the bonus.
Title: To amend the Internal Revenue Code of 1986 to provide tax incentives to consumers and lenders for the purchase of a passenger vehicle during 2009.
Sponsor: Rep Rogers, Mike D. [AL-3] (introduced 1/9/2009) Cosponsors (16)
Latest Major Action: 1/9/2009 Referred to House committee. Status: Referred to the House Committee on Ways and Means.
SEC. 224. INCENTIVES TO CONSUMERS AND LENDERS FOR THE PURCHASE OF A PASSENGER VEHICLE DURING 2009.
`(a) Deduction for Consumer Purchases- In the case of an individual, there shall be allowed as a deduction an amount equal to the purchase price of any qualified vehicle placed in service by the taxpayer during the taxable year.
`(b) Dollar Limitations- The deduction allowed by subsection (a) with respect to each qualified vehicle shall not exceed--
`(1) $7,500 if such vehicle is placed in service during the 90-day period beginning on the date of the enactment of this section,
`(2) $5,000 if such vehicle is placed in service during the 90-day period beginning on the day after the period described in paragraph (1), and
`(3) $2,500 if such vehicle is placed in service after the period described in paragraph (2).
*****
H.R.550
Title: To amend the Internal Revenue Code of 1986 to allow individuals and businesses a temporary credit against income tax for the purchase of certain vehicles.
Sponsor: Rep Manzullo, Donald A. [IL-16] (introduced 1/15/2009) Cosponsors (1)
Latest Major Action: 1/15/2009 Referred to House committee. Status: Referred to the House Committee on Ways and Means.
Get America Moving Again Act of 2009 (Introduced in House)
SEC. 2. TEMPORARY CREDIT FOR PURCHASE OF PASSENGER VEHICLES.
(a) In General- Subpart B of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after section 30D the following new section:
`SEC. 30E. TEMPORARY CREDIT FOR PURCHASE OF PASSENGER VEHICLES.
`(a) Allowance of Credit- There shall be allowed as a credit against the tax imposed by this chapter for the taxable year an amount equal to the purchase price of any qualified passenger vehicle placed in service by the taxpayer during the taxable year.
`(b) Maximum Credit-
`(1) NEW VEHICLES- In the case of each qualified passenger vehicle the original use of which begins with the taxpayer, the credit allowed by subsection (a) shall not exceed--
`(A) $5,000 in the case of a vehicle placed in service before January 1, 2010, and
`(B) $2,500 in the case of a vehicle placed in service during 2010.
`(2) USED VEHICLES- In the case of each qualified passenger vehicle the original use of which does not begin with the taxpayer, the credit allowed by subsection (a) shall not exceed--
`(A) $2,000 in the case of a vehicle placed in service before January 1, 2010, and
`(B) $1,000 in the case of a vehicle placed in service during 2010.
`(c) Limitation Based on Adjusted Gross Income-
`(1) IN GENERAL- In the case of a natural person, the amount allowable as credit under this section (without regard to this subsection) for any taxable year shall be reduced (but not below zero) by the amount which bears the same ratio to the amount so allowable as--
`(A) the excess (if any) of--
`(i) the taxpayer's modified adjusted gross income for such taxable year, over
`(ii) $125,000 ($250,000 in the case of a joint return), bears to
`(B) $10,000.