On June 24, President Obama signed HR 2346, the 2009 Supplemental Appropriations Bill for Iraq, Afghanistan, Pakistan, and Pandemic Flu. Contained within this bill is a provision under Title XIII, Consumer Assistance to Recycle and Save Act of 2009 that provides $1 billion for vouchers of $3,500 or $4,500 to be applied toward the purchase or lease of a new fuel efficient automobile or truck. This provision is more commonly known as “Cash for Clunkers.”
The vehicles must be purchased or leased between July 1 and November 1, 2009. To qualify for a voucher, the vehicle traded in must be scrapped, and the purchased vehicle must achieve greater fuel efficiency than the vehicle to be turned in.
The amount of the voucher the purchaser is entitled to receive will depend on the type of vehicle purchased and the amount of the increased fuel efficiency.
John R. Dundon, EA - www.1040.com/jd - Taxpayer Advocate - Enrolled with the United States Department of Treasury to Practice before the IRS - Under contract with the United States Department of Treasury as a Certified ITIN Acceptance Agent - Direct phone # 720-234-1177
Friday, June 26, 2009
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1 comments:
I don't qualify because my car already gets good gas mileage. But my dad swears by the car buying process here:
http://tinyurl.com/knflt6
It is kind of similar, though it uses dealer competition.
I haven't tried it yet, but I might because it looks good.
I have a feeling dealers are going to automatically increase prices because of the increased demand (artificial) for lower MPG cars. So the thousands of savings from this bill for consumers is not entirely accurate. The demand will increase prices and you'll get a voucher from increased prices. I'm certain some markets you'll come out even as if they never offered this voucher. It is poorly written legislation.
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