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Contact: Dave Yonkman
202-225-4401
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Hoekstra Introduces Automobile Tax Credit
Legislation Designed to Incentivize Car Sales, Clear Dealer Inventory
Washington,
Apr 23 -
U.S. Rep. Pete Hoekstra, R-Holland, today introduced a bill that will provide tax credits for vehicles manufactured in the United States.
"Michigan is currently experiencing an economic crisis, and the lack of auto sales is significantly contributing to the situation," Hoekstra said. "Tax credits will stimulate demand for new cars, help to clear dealer inventory and hopefully contribute to economic recovery in Michigan."
The Credit for New Cars Act introduced by Hoekstra would create a $3,000 nonrefundable tax credit on the purchase of a new vehicle purchased in 2009 and worth less than $40,000. Businesses would be limited to two new vehicles and 50 percent of the value of the tax credit ($1,500).
"As American auto manufacturers and their employees face plant closures and bankruptcy, we need an incentive that encourages purchases from people who can afford new vehicles," Hoekstra said. "Reducing the tax burden and creating incentives will empower consumers to help the economy to reverse its negative trend."
A narrow majority of people who participated in a recent unscientific poll conducted on hoekstra.house.gov said that they would not purchase an automobile from a company that has filed for bankruptcy.
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