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Auto Auction Software News


Auto Auction News


It now appears that the only provision in the Economic Stimulus Bill pertaining to the sale of a NEW
motor vehicle is a provision that makes ONLY sales and excise tax deductible.  Even this provision,
as most of us know, will be based on the sales difference between the trade in and the new vehicle.  There will also be some strings attached.  The deductibility will probably be on a graduated scale,
which will be  dependent upon one's income level.  Congress is even saying themselves that the
average person, who qualifies, will only see a $300-$600 cut on federal taxes.

The provision covering the 'auto loan interest deduction' was pulled from the bill yesterday as was
 the "Cash for Clunkers" provision.  Congress hopes for passage of the current bill totaling $789
 billion by tomorrow with the bill then going to the President on Monday for signature.

We will keep you apprised of any other changes should they occur.

Thank you,

Michael Linn

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Web site updated on 10/13/2010