Stimulus Auto tax credit

[Anonymous]

Looking for a little clarity.  From what I can find after wading through all of the proposals and interpretations...

1. AGI must be under $125K single or $250K couple

2. Vehicle purchase price must be under $49500

All state and/or local sales/excise taxes are deductible for tax year 2009?

Some posts also bring in the interest paid on a new car loan in 2009 as a tax credit.

Nowhere can I find a limit or cap on the credit.  

Is anyone fairly familiar on this portion of the stimulus package? 

[Anonymous]

Information obtained from the IRS Web Site:

State and local sales taxes paid on up to $49,500 of the purchase price of qualifying vehicles are deductible.

Qualified motor vehicles generally include new (NOT USED) cars, light trucks, motor homes and motorcycles.

Purchase must occur after February 16, 2009 and before January 1, 2010.

This deduction can be taken regardless of whether or not you itemize other deductions on your tax return.

The amount of the deduction is phased out for taxpayers who modified adjusted gross income is between $125,000 and $135,000 for individual filers and between $250,000 and $260,000 for joint filers.

The deduction may not be taken on 2008 tax returns.