Washington, D.C. – U.S. Senator Barbara A. Mikulski, D-Md. and National Automobile Dealers Association’s (NADA) Chairman Annette Sykora announced new legislation designed to stimulate U.S. new vehicles sales through tax incentives. The Mikulski proposal permits new vehicle owners to deduct auto loan interest and sales-excise fees from their income taxes. If signed into law, the tax breaks would affect all new car and truck sales from Nov. 12, 2008 to Dec. 31, 2009.
Wednesday’s announcement is part of an ongoing effort by NADA to urge Congress and the Bush Administration to immediately address the current economic difficulties faced by the nation’s franchised auto dealers.