Search Bills
Home


News

Contact: Catherine Mortensen 202.225.4422

Give Incentives For Free Markets, Not Bailouts



Neil Cavuto- FOX NEWS

 

Washington, Dec 1 -

Washington, DC – Congressman Doug Lamborn has introduced legislation to bring free market incentives to help the troubled auto industry. HR 7298 would offer consumers a $10,000 tax deduction when they purchase a new vehicle with final assembly in the United States.

 “That’s a significant savings for a family, and it may be just the incentive they need to help them purchase a new vehicle. My bill is not a panacea for our country’s economic challenges, rather an attempt to offer up a substantive alternative to another taxpayer bailout. As everyone knows, automakers aren’t selling cars.  Instead of writing them a check, my bill could help them move inventory.” – Congressman Doug Lamborn (CO-05)

Additionally, HR 7298 would help small businesses by giving them more generous tax incentives for buying vehicles and durable goods such as computers and software. Under Section 179 of the federal tax code, expensing limits would double, going from $250,000 to $500,000. The higher, phase-out amount also increases. This bill would lock in the new tax savings for small businesses by making these new, higher limits permanent, and indexed to inflation.

Expanding Section 179 limits on capital goods purchases will stimulate acquisition of goods by small businesses, which can help improve the bottom line for automakers and small businesses. 

This short term stimulus would be made available for the balance of tax year 2008, 2009, and 2010. 

# # #


Congressman Lamborn appeared on FOX News to discuss his bill on Dec.3, 2008. 
To view his segment, click here.

Print version of this document

Photo Album

See More Photos

Rep. Lamborn delivered the keynote address at an awards ceremony at Fort Carson on October 28, 2008 honoring Staff Sgt. Jamie West for saving three children from drowning.
Features