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Mon October 19, 2009
KY Car Tax Break off to Slow Start
Frankfort, KY – A state tax break aimed at boosting new car sales is expected to cost less than projected. The Lexington Herald-Leader reports the tax break for new-car buyers has had a slow first month. Car dealers say the one-year program needs more promotion. The program runs through next August. New-car buyers pay sales tax only on the difference between the value of their trade-ins and the price of their new vehicles. The state revenue department says $1.5 million of the tax credit had been used so far. The credits are likely to cost the state about $16 million. That's short of the projected $25 million that was anticipated.