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From the Motorcycle Riders Foundation:
Congress passed a massive spending bill (HR-1) the largest ever passed by
any US Congress February 13, 2009. The bill is supposed to revive an
ailing economy and put out of work Americans back into a job.
There is one tucked away provision that should appeal to motorcyclists, a
tax break for purchase of a new –not used- motorcycle.
Here is the breakdown:
* From now until the end of 2009 any one will be able to deduct all state
and local taxes from the purchase of a new motorcycle so long as the
purchaser makes less than $125,000 a year as a single tax filer or
$250,000 for those filing jointly.
* The deduction applies to new motorcycles with a purchase price of up to
$49,500 and a gross vehicle curb weight of less than 8,500 lbs.
* This is what is known as an "above the line deduction" which means all
taxpayers are eligible whether the purchaser itemizes other deductions or
not.
This deduction also applies to passenger cars, light trucks and
recreational vehicles so long as they meet the same qualifiers.
So what are you waiting for? Go do your part to jump start the economy and
buy a new bike.
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Originally Posted by Manny
