By Staff
WASHINGTON – U.S. Reps. Don Manzullo, R-Ill., and Fred Upton, R-Mich., Thursday introduced legislation to stimulate the economy and create jobs by giving Americans tax incentives to buy cars and trucks. The Get American Moving Again Act of 2009 (HR 550) would bolster American manufacturing and spur vehicle sales and production by giving Americans tax credits of $5,000 to purchase a new vehicle and $2,000 to purchase a new vehicle through Dec. 31.
Tax credits would be cut in half in 2010 and expire on Dec. 31, 2010.
Tax credits would be limited to vehicles that cost under $50,000 and would only be allowed for households with an adjusted gross income of $250,000 or less.
The auto industry and its suppliers account for 13 million American jobs and 20 percent of all U.S. retail sales.
The drop in U.S. vehicle sales from 16.2 million in 2007 to 10.5 million in 2008 removed $175 billion directly from the economy.