Thanks, Uncle Stimulus!
The economic stimulus bill just got a whole lot more interesting for automakers and car buyers alike, as a proposal to make interest on auto loans deductible has been voted in. The proposal, which was championed by the National Automotive Dealer Association, was voted in by a bi-partisan 71-36 vote. If the $800 billion stimulus bill passes the Senate and this provision survives, car buyers will be able to write off auto loan interest on their taxes, saving about $1,500 on a $25,000 car purchase. The new legislation will mark the first time since 1986 that car buyers will be able to write off their car loan interest.
Link via Instapundit, who makes a related suggestion: "Hey, let's support the housing market by making home mortgage interest a refundable tax credit!"
UPDATE/QUESTION: Since stuff like this always makes me feel even more like an outlier, am I the only here who has never taken out a car loan?