H.R. 7273 · 110th Congress
To amend the Internal Revenue Code of 1986 to allow an above-the-line deduction against individual income tax…
Full title
To amend the Internal Revenue Code of 1986 to allow an above-the-line deduction against individual income tax for interest on indebtedness and for State and local sales and excise taxes with respect to the purchase of certain motor vehicles.
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Never voted on. It didn't reach a floor vote before the 110th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
PascrellSponsor33 cosponsors · 17 D, 16 R
R
LaTourette
RA
D
Andrews
JC
D
Conyers
MC
D
Capuano
JC
R
Campbell
MD
D
Doyle
DE
D
Edwards
TH
D
Holden
RH
D
Holt
SJ
D
Jackson Lee
FL
R
LoBiondo
BM
R
McKeon
AM
D
Mollohan
DM
R
Manzullo
RP
R
Paul
AS
D
Sires
DB
R
Burton
RB
D
Brady
HB
R
Brown
DD
R
Dreier
SF
D
Farr
VG
R
Goode
SK
D
Kagen
JL
D
Larson
JM
R
McHugh
SM
R
Myrick
DM
D
Moore
TM
R
McCotter
TP
R
Platts
TP
R
Price
CR
D
Ruppersberger
DR
R
Reichert
JS
D
Sarbanes1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
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…
What it does: CRS summary · Introduced in House · Nov 19, 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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: To amend the Internal Revenue Code of 1986 to allow an above-the-line deduction against individual income tax for interest on indebtedness and for State and local sales and excise taxes with respect to the purchase of certain motor vehicles.
Latest action (Nov 19, 2008): Referred to the House Committee on Ways and Means.
Policy area: Taxation · Origin: House · Introduced: Nov 19, 2008
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.