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Language that provides a tax credit for the purchase of a motorcycle has been added to the current economic stimulus bill, the AMA reports. The AMA, working in conjunction with other stakeholders, worked diligently to secure the motorcycle provision within the measure. President Obama is expected to sign the bill into law shortly.

"This inclusive and equitable solution will provide much-needed relief to riders, as well as to those who sell motorcycles," said AMA Vice President for Government Relations Ed Moreland. "When it appeared that motorcycles were going to be overlooked in this bill, the AMA and the Association's members, along with Harley-Davidson and others, took our case straight to Capitol Hill and persuaded lawmakers that this was the right decision."

Moreland added that motorcycle riders are just as likely to have been hit hard by the economic downturn as those who buy automobiles and light-duty trucks. Moreover, motorcyclists typically purchase new bikes, apparel, vehicle servicing and aftermarket equipment from local dealers that are family-owned small businesses.

Specifically, motorcycles are included as "qualified vehicles" in Section 1008 of the legislation. Those purchasing a new motorcycle will be able to deduct the sales and excise taxes on their 2009 tax returns. Prior to the actions taken by the AMA and others, the deductions only applied to the purchase of a new car or light truck.

"We want to thank all motorcyclists who took the time to contact their elected officials," said Moreland. "This victory is particularly gratifying because it represents a community-wide effort to elevate motorcycles as a recognized and viable means of transportation in America. Motorcycles are vital to the reduction of traffic congestion, provide efficient use of limited parking, have far less impact on our roads and bridges, and contribute significantly to our nation's efforts to consume less fuel. Our success today clearly indicates that our legislators are listening."
http://www.amadirectlink.com/news/story.asp?id=627
 

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When I read the title I was hoping they would pay mine off for me.

This economy sucks I am getting rid of mine anyway to focus on some other debt....damn student loans! I also need to become a post ho now to get up to 100 posts so i can sell some stuff too. :wave:

Selling a bike is a lot of work :icon_lol:
 

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Discussion Starter #8
Is this retroactive to any of us who may have purchased bikes at the beginning of january?
It might be since you will be deducting it of of your 2009 Tax returns. However I am no tax expert. Just ask Al Capone.....
 

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Not a requirement, maybe just a common coincidence.
 

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Screw buying something brand new off the lot.
I don't think the instant depreciation would be worth it, ever, for anything.

The sales and excise taxes are a lot less than the money lost driving it off the lot.
 

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YAH lets all get excited about this "helping" the motorcycle community while the rest of this bill screws everybody else, including our kids and our grand kids!!
:tard:
 

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How many people buying supersports are making enough to even take advantage of getting a tax credit?
Everyone can take advantage of a tax credit. But that's not what this is.

This will be a deduction that can be added to either your Schedule A (itemized deductions), or on top of the standard deduction if you do not itemize. However, the deduction will not be available for single taxpayers making over $125k and married filing joint making over $250k.
 

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BUMP. A friendly reminder that a purchase of a new motorcycle gets you a tax break on your 2009 Taxes. Damn shame i missed the stimulus tax break by 2 weeks :sad3:. Mods can we make this a sticky?

WASHINGTON, June 11 (Reuters) -- The U.S. Treasury said today that it expanded its offer of a tax break on new car sales to those bought in states without a sales tax.

"This tax deduction not only increases support for the auto industry as it seeks to rebuild, but also puts money back into the pockets of hard-working Americans," said Neal Wolin, deputy treasury secretary.

Under the American Recovery and Reinvestment Act of 2009, taxpayers who bought a new vehicle this year were entitled to deduct state or local sales or excise taxes paid on the purchase.

"Building on the Recovery Act, the Treasury Department is taking steps to make sure every American, in every state, qualifies for a tax deduction when purchasing a new car," Wolin said in a statement.

Now new sales made in states without a sales tax, such as Alaska, Delaware, Hawaii, Montana, New Hampshire and Oregon, can also qualify for the deduction, the department said.

To be eligible for the tax break, the vehicle must have been bought after Feb. 16, 2009, and before Jan. 1, 2010, the department said. The special deduction is available regardless of whether taxpayers itemize on their returns.
Taxpayers can claim this only on their 2009 tax returns filed next year. The deduction includes state or local sales or excise taxes paid on the purchase.

The deduction is limited to the fees and taxes paid on up to $49,500 of the purchase price of a qualified new car, light truck, motor home or motorcycle.

The amount of the deduction is phased out for taxpayers whose modified adjusted gross income is between $125,000 and $135,000 for individual filers and between $250,000 and $260,000 for joint filers.
 

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Yay this applies to me! I dont even wanna pay taxes anymore.... Do I get a military discount too?
 
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