Summary: S.3684 — 110th Congress (2007-2008)All Information (Except Text)

There is one summary for S.3684. Bill summaries are authored by CRS.

Shown Here:
Introduced in Senate (11/17/2008)

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 vehicle.