Post by dgriffin on Sept 11, 2009 18:29:41 GMT -5
Saw this on FactCheck.Org:
Q: Will the "Cash for Clunkers" credits be taxed as income for consumers who participated in the program?
A: The act establishing the program prohibits the credit from being treated as income for federal income tax purposes. The credits, however, may be subject to a state or local income tax depending on the laws of the state or locality where the consumer resides.
Does anyone know whether NY State will tax clunker credits? I didn't use the program, but am curious.
Q: Will the "Cash for Clunkers" credits be taxed as income for consumers who participated in the program?
A: The act establishing the program prohibits the credit from being treated as income for federal income tax purposes. The credits, however, may be subject to a state or local income tax depending on the laws of the state or locality where the consumer resides.
Does anyone know whether NY State will tax clunker credits? I didn't use the program, but am curious.