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- H.R.7273
H.R.7273: To amend the Internal Revenue Code of 1986 to allow an above-the-line deduction against individual income tax for interest on indebtedness and for State and local sales and excise taxes with respect to the purchase of certain motor vehicles.
About This Bill
- This bill was introduced in the 110th Congress
- This bill is primarily about taxation
- Introduced Nov. 19, 2008
- Latest Major Action Nov. 19, 2008
- See the one similar bills introduced in other congresses.
Bill Sponsor
Bill Cosponsors
33 (18 Democrats, 16 Republicans)
Bill Summary
Amends the Internal Revenue Code to allow individual taxpayers a deduction from gross income for: (1) interest paid on indebtedness (up to $49,500) incurred after November 12, 2008, and before January 1, 2010, for the purchase of a motor vehicle (i.e., passenger automobile or light truck) with a gross vehicle weight rating of not more than 8,500 pounds; and (2) state and local sales and excise taxes imposed on the purchase of such a motor...
(Source: Library of Congress)
Bill Actions
| Date | Description |
|---|---|
|
Referred to the House Committee on Ways and Means.
|
|
| Nov. 19, 2008 |
Introduced in the House by Bill Pascrell Jr. (D-N.J.) |