Summary: H.R.385 — 111th Congress (2009-2010)All Information (Except Text)

There is one summary for H.R.385. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (01/09/2009)

Consumer Auto Relief Act of 2009 or the CAR Act of 2009 - Amends the Internal Revenue Code to allow individual taxpayers a tax deduction for: (1) up to $7,500 of the purchase price of a new passenger automobile or light truck that is purchased in 2009; (2) interest paid on any loan to purchase such vehicles; and (3) state and local sales taxes paid on a vehicle purchase. Excludes from the gross income of lenders 50% of the interest paid on any consumer loan for the purchase of a new passenger automobile or light truck.