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Mon October 19, 2009
Auto Incentive Program Slow
By Lisa Autry
Bowling Green, KY – In the month since Kentucky began offering a tax break to spur more new-car sales, response has been weak. The one-year program was approved in a special legislative session as means of boosting the struggling auto industry. Under the program, car-buyers pay sales tax only on the difference between the value of their trade-ins and the price of their new vehicles. Lee Searcy with the Kentucky automobile dealers association blames the slow start on a recent federal
"Cash for Clunkers ended in late August and that really depleted the inventory that most dealers had to sell."
Searcy also says Cash for Clunkers was much more publicized. He thinks more people will take advantage of the state tax credit once awareness of it increases.