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On June 24, 2009, a new federal program was enacted called “Cash for Clunkers”, officially known as the “Car Allowance Rebate System (CARS).” The program offers cash incentives of $3,500 or $4,500 to consumers who trade in their old gas guzzler for a new, more fuel efficient vehicle.
The Minnesota Department of Revenue is reminding consumers that the CARS incentive is deducted from the selling price before Minnesota motor vehicle sales tax is applied, effectively reducing the taxes owed. For more information, visit the Minnesota Automobile Dealers Association website at: http://www.mada.org/.
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