News Alert: No Sales Tax!!!

DrRob · 31st October 2001, 23:18

My wife just heard this on CNN. In order to stimulate the economy, all state sales tax will be waived for a period of 10 days immediately following Thanksgiving. This applies to all purchases, INCLUDING automobiles. States will be reimbursed by the Federal government; in four states having no sales tax, some other provision will be made to stimulate sales.

South Carolina did this some time ago on a small scale with positive results.

I don't know if it applies to ordered vehicles, or to luxury tax.
As I'm awaiting delivery of my Z8 in early Nov. (as well as a few others on this board are expecting M5s), I plan to call the dealer tomorrow after I'm sure this is confirmed to see if it applies to me.

If not applicable to vehicles previously ordered, I will try to cancel my order and repurchase during that period, even if I have to pay 2 or 3 week's interest on the floor plan the dealer may have to pay. I won't feel guilty; many of us could purchase an M5 with the amount we pay in taxes yearly.

Has anyone else heard this news release???

BlueBomber · 31st October 2001, 23:29

I haven't herad anything about this... but it sure does sound like a good way to stimulate the economy!!

Time to get Stage 3??

Chris Foote · 1st November 2001, 00:03

I just checked CNN's site and couldn't find anything about this....but I'd love for it to be true

-Chris

chunpng · 1st November 2001, 00:10

The retailer's association make this proposal as a means to stimulate holiday sales. I did not hear that it was accepted by the federal government.

CP

DrRob · 1st November 2001, 00:20

CP,

I couldn't find it on CNN.com either. My wife said that she heard that it passed both the House and Senate.

I sure hope I'm not wrong.

BJ · 1st November 2001, 00:23

Dr.Rob,
Checkard Flag BMW in VA. Beach has a Z8 on the floor.
Titanium Slvr. with black interior @ $132 K

Need4Spd · 1st November 2001, 00:29

Of course, this may just mean that no one will be buying anything of value during the next couple of weeks before Thanksgiving, assuming this passes ...

M5xtc · 1st November 2001, 00:34

I heard talk of this on NPR this AM. Supposedly it would be part of the next economic stimulus package.

durango · 1st November 2001, 10:36

i still can't find anything in this morning's paper about the tax cut. does anyone have any more info?

DrRob · 1st November 2001, 14:30

The State Sales Tax Relief is for real, on everything from books to automobiles. I just heard it on national NBC news this morning.

It will be in early December for a 10 day period. Again, I don't know if it applies to vehicles previously ordered, or only on vehicles in dealer inventory. I'm calling my dealer today.

If this applies to previously ordered vehicles, I'll have to wait another 2 or 3 weeks longer, but to save $6,637.25 on state sales tax and possibly $3789.80 on lux tax, I'll force myself to wait!