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Topic:   Luxury Tax for 2002

CJ Prowler Junkie Posts: 18860 From: Rochester Hills, MI USA Registered: JUL 2000

posted 02-27-2002 12:59 AM          The luxury tax on new cars with a sale price of more than $40,000 fell to 3 percent in 2002. The tax also applies to new equipment installed on these vehicles within six months of purchase (unless the value of the equipment is $200 or less). For example, the tax on a vehicle with add-on equipment that sold for $60,000 would be $600 (3 pe4cent of the amount more than $40,000, in this case, $20,000). The tax has been decreasing by 1 percent a year since 1996 and is scheduled to expire on Dec. 31, 2002. The tax does not apply to trucks, vans and SUVs weighing more than 6,000 pounds.

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