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- S.3684
S.3684: A bill to amend the Internal Revenue Code of 1986 to allow an above-the-line deduction against individual income tax for interest in indebtedness and for State 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. 17, 2008
- Latest Major Action Nov. 19, 2008
Bill Sponsor
Bill Cosponsors
8 (5 Democrats, 1 Independent Democrat, 3 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 |
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Sponsor introductory remarks on measure.
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Read twice and referred to the Committee on Finance.
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Sponsor introductory remarks on measure.
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Nov. 17, 2008 |
Introduced in the Senate by Barbara A. Mikulski (D-Md.) |