05-04-2009, 11:25 AM
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#1 (permalink)
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A True Z Fanatic
Join Date: Mar 2009
Location: North East
Posts: 6,203
Drives: 09 370Z Sport M6
Rep Power: 654
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Quote:
Originally Posted by sylenze
just to make sure i understand this correctly...isn't this tax deductible only to lower your taxable income... i believe you do not get a full refund of the taxes you paid on the car... nontheless, i think it will still get you savings...especially with the raised taxes in CA..
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Correct, it's a deduction. Basically you can expect to recuperate about 30% (depending on your taxable income) of the amount you paid in local and state sales tax and excise tax.
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