Auto Ownership Tax Assistance Amendment
Towson, MD (PRWEB) November 12, 2008
During the first of two press conferences today, four-term Maryland Senator, Barbara Mikulski announced her plan to help save the automotive industry, a major force in the American economy, by focusing on the common denominator of industry success - automotive sales. Speaking from Saturn of York Road,a MileOne dealership, the Senator unveiled "The Mikulski Auto Ownership Tax Assistance Amendment," which proposes all sales/excise tax and the interest paid on automotive loans be tax deductible for new car and truck purchases made between November 12, 2008 and December 31, 2009.
Mikulski and fellow speakers at the conference including UAW Local 239 President, Fred Swanner, and Mel Bayo, 23 year automotive sales veteran and corporate trainer for MileOne, believe the legislation will be a defining moment in the current economic situation as the tax break aims to kickstart new vehicle sales throughout the remainder of 2008 and 2009 thereby supporting the over 21,000 new car dealerships throughout the United States and all manufacturer brands.
"My plan is simple and straight forward. It will stimulate demand and get the American people back into the showrooms and buying cars. If you buy a car, we have to make them, we have to sell them and we have to service them which will support the over 6 million people who rely on the automotive industry for their jobs," declared Senator Mikulski. "Next week when the Senate reconvenes for their November session and discusses their automotive rescue plan, I will fight to make sure my amendment is part of it. I will keep fighting on the Senate floor in a bipartisan effort to get our economy rolling again."
During the conference, Senator Mikuslki displayed multiple examples of savings created by her proposed amendment. If a consumer were to purchase a Saturn Aura priced at $23,600 sold in Maryland with a 6% excise (sales) tax and financed with a 5 year loan at a 7% interest rate, the total savings would be $1,757. The interest paid on the loan will be deductible annually throughout the loan term, similar to mortgage interest paid, while the full sales tax will be available for deduction in the year of the vehicle's purchase.
"Senator Mikulski's plan offers an immediate reason for customers to come into dealerships across the country and make that new car purchase they have been delaying," said Director of Sales for the Baltimore Area Saturn Retailers Dave Coyne, who watched the press conference with eager anticipation. "I keep hearing people say they think they can't get financed or now is a bad time to buy a car when the opposite couldn't be more true. Dealer groups like MileOne and other dealerships across the country have partnerships with multiple local and national banks that can get customers financed and with the vehicle selection having cleaner emissions and being more fuel efficient than it has been in 10 years, it has never been a better time to buy. This amendment will put money in customers pockets come tax time and give the automotive industry the sales it needs now."
To learn more about Senator Mikulski's "Auto Ownership Tax Assistance Amendment" visit http://mikulski.senate.gov/_pdfs/Press/autoownershiptaxamendment.pdf.
About MileOne Automotive (http://www.mileone.com)
MileOne Automotive operates 65 retail automotive franchises representing 28 different brands and 9 collision centers in Pennsylvania, Maryland and Virginia with a focus on the Baltimore-Washington, Hampton Roads/Virginia Beach and Wilkes-Barre/Scranton major metro areas. MileOne.com allows customers to research new, used and fuel-efficient luxury, import and domestic cars and trucks, send information about vehicles to their mobile device, schedule service appointments, buy parts and accessories, play automotive games, and download automotive wallpaper and mobile ring tones. For more information or to find a quality MileOne dealership near you, please visit http://www.mileone.com.