RV Tax Breaks
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Breaking RV News
Motorhome buyers to get tax break in Obama stimulus plan
February 13, 2009
There's good news for consumers in the market for a new motorhome. The $789 billion economic stimulus package that President Obama is expected to sign later this month will include a provision to specifically help the RV industry, especially buyers of motorhomes.
The Recreation Vehicle Industry Association (RVIA), reports that a new provision will allow buyers of motorhomes to deduct a portion of the sales or excise tax paid on their purchase from their federal income tax next year. The deduction will apply to the first $49,500 of the purchase price.
Individuals with an adjusted gross income of up to $125,000 and joint filers with an adjusted gross income of up to $250,000 are eligible for the deduction. The tax breaks are expected to save consumers and estimated $1.7 billion over the next ten years.
The inclusion in the legislation of a sales or excise tax deduction for motorhomes is a significant accomplishment for the RV industry since there were no RV sales incentives in either the House or Senate versions of the stimulus bill.
RVIA Vice President of Government Affairs Dianne Farrell said the RV industry is especially thankful to Senator Evan Bayh (D-IN), Congressman Joe Donnelly (D-IN), and Senator Ron Wyden (D-OR) who, along with their staffs, worked tirelessly over the past several weeks to ensure that the RV industry was included in the stimulus legislation.
Much of the country's motor home industry is focused around Elkhart, Ind., which calls itself the "RV Capital of the World." President Barack Obama visited Elkhart earlier this week as he pressured Congress to quickly approve the stimulus legislation. Unemployment in the Elkhart area exceeds 15 percent.
Buyers of new cars, motorcycles and light trucks will also qualify for the same tax breaks.
Also remember. Your RV qualifies for interest deduction (like a mortgage) (second home). As long as it has cooking and bath facilities.
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