GET A TAX DEDUCTION WHEN YOU BUY A MOTORCYCLE

There are many great reasons to buy a new Honda motorcycle, a new Suzuki motorcycle or a new Yamaha motorcycle, but, now there is one more great reason to buy a new motorcycle before December 31, 2009. You can get a tax deduction if you buy a new Honda, Suzuki or Yamaha motorcycle. The government wants to stimulate our economy and as we all know they've given breaks to major banks and many other sectors. Now they want to help the powersports or motorcycle industry.

Here's how to get your tax deduction:

Get a tax deduction when you buy a new Suzuki, Yamaha, or Honda motorcycle! The U.S. Government recently approved stimulus package includes tax breaks for consumers who purchase new on-road two or three wheeled motorcycles or scooters in 2009.

The law, officially designated as the American Recovery and Reinvestment Act of 2009, allows buyers and "qualified motor vehicles" to take a tax deduction for state or local sales or exercise tax imposed on the purchase, up to $49,500. of the purchase price. The deduction applies to NEW purchases made between February 17 and December 31, 2009, and taxpayers do not need to itemize to claim it.

Key Tax Break Points

• Vehicles eligible for the tax deduction are all on-road two and three wheeled vehicles weighing less than 8,500 pounds and is limited to the tax on up to $49,500. of the purchase price.
• The deduction applies to vehicles purchased between February 17,1009 - December 31, 2009.
• Only new on-road two- or three-wheeled motorcycles or scooters are eligible.
• The tax deduction is for state or local sales or exercise tax imposed on the purchase.
• Single taxpayers with an adjusted gross income over $125,000 and married tax payers with an adjusted gross income over $250,000 are not eligible.
• The law also includes a new 10 percent tax credit, up to $2,500 for motorcycles (two or three-wheeled vehicles) with electric motors manufactured primarily for use on public streets, roads and highways purchased by December, 2011.

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