The Automotive Service Association (ASA) reports that U.S. Reps. Donald Manzullo, R-Ill., and Timothy Ryan, D-Ohio, have introduced the New Automobile Voucher Program to Congress to provide a one-time boost to vehicle sales in 2009.
Specifics of The New Automobile Voucher Act of 2009 include:
• Providing an electronic voucher of $5,000 for any new vehicle purchase for a six-month introductory period. The Treasury Department is required to open this program 30 days after the bill’s enactment.
• After the initial six months, reducing the voucher to $2,500 until the end of 2010 or until the authorization amount is exhausted (whichever comes first).
• Allowing use of this voucher in conjunction with other tax incentives, including the recently restored tax deduction for state and local sales tax paid on the purchase of a new vehicle and those credits designed to encourage the purchase of alternative-fueled vehicles.
• Limiting this voucher to vehicles that cost under $50,000.
• Having the Treasury Department establish an electronic portal with automobile dealerships to process and verify requests for vouchers. Consumers would have the voucher applied at the point of sale at the automobile dealership.
• Capping the total cost of the bill at $75 billion.
To view the bill, visit ASA’s legislative Web site at www.TakingTheHill.com.