News reports this past week included some good news for folks looking to purchase a new recreational vehicle:
From the Associated Press:
“WASHINGTON (AP) — Add motorcycles and motor homes to the list of things buyers can get federal tax breaks for, courtesy of lawmakers and lobbyists who won eleventh-hour additions to the stimulus bill to help home-state industries.
“Tax deductions for both types of vehicles were added to the compromise $787 billion stimulus package that lawmakers were hoping to complete as early as Friday. An earlier version of the language, included in the Senate-passed stimulus, only applied to passenger automobiles and light trucks.”
“The Recreation Vehicle Industry Association (RVIA), reports that a new provision will allow buyers of motorhomes to deduct a portion of the sales or excise tax paid on their purchase from their federal income tax next year. The deduction will apply to the first $49,500 of the purchase price.
“Individuals with an adjusted gross income of up to $125,000 and joint filers with an adjusted gross income of up to $250,000 are eligible for the deduction. The tax breaks are expected to save consumers and estimated $1.7 billion over the next ten years.”
Read more in RVTravel.com:”Motorhome buyers to get tax breakin Obama stimulus plan.“