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emc011075, Tax adviser
Category: Tax
Satisfied Customers: 3166
Experience:  IRS licensed Enrolled Agent and tax instructor
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What is the consumer rebate law?

Customer Question

Please tell me about the Consumer rebate law that President Obama signed in Dec.2015.
How do I tap into it?

Submitted: 1 year ago.
Category: Tax
Expert:  emc011075 replied 1 year ago.

It is not a law, it is a program and it is not designed to automatically generate a refund or check for everybody who applies.

Here's what it is:

At the end of the year, the sales tax deduction on your income tax return was made a permanent part of the tax law. When you itemize deductions on your tax return, one of the deductions available is for your state and local sales tax for major purchases such as vehicles, boats, etc. and for general retail purchases. Taxpayers can choose to save every single receipt and enter the total or let the tax program calculate the amount based on a formula including your AGI,

The option to choose state and local sales tax or income tax deduction had been around for a while, always expired and renewed, but now it became a permanent, no expiration date.