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Tipsheet

Clunkers Rebates Being Taxed

Remember that $4,500 you got back for your clunker after buying a sparkly new car? You should lop a few hundred dollars off that, because -- lo and behold -- the cash for clunkers program
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is being taxed. It isn't clear how much this tax will cost you, but it'll certainly take a bite out of those 4,500 smackers you thought you were cashing in on.

Oh, and, if your dealer doesn't get the paperwork filed in time, YOU have to pay extra interest and penalties. Just to add to your confidence on that, here's a statement from John McEleney, chairman of the National Automobile Dealers Association and a multi-franchise dealer in Iowa:
The clunkers program has proved more popular with the public than anyone expected. In that regard, it was a huge success. Now, we have to make sure that dealers will not be penalized by a loss of reimbursement for legitimate program sales for reasons outside of their control, such as an inability to access the Transportation Department’s Web site.
In other words: an inability to access the Transportation Department’s Web site is a very real concern for dealers across the nation.

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