A homebuyer tax credit of up to $7,500 was initially enacted in 2008. It applied to homes purchased after April 9, 2008, and required that the credit be repaid in equal interest-free installments over 15 years.

For purchases of a principle residence made after December 31, 2008 through November 30, 2009, the new law increases the maximum first-time homebuyer tax credit to 10% of the purchase price of the home, up to $8,000. In addition, the requirement that the credit be repaid is eliminated as long as the home isn't sold within three years. A person is considered a first-time homebuyer if he or she (or spouse) had no ownership interest in a principle residence during the three-year period prior to purchasing the new home. The credit begins to phase out for taxpayers with adjusted gross income in excess of $75,000 ($150,000 if married filing jointly).

If you purchase a new car, light truck, SUV, motorcycle or motor home taht weighs no more than 8,500 gross pounds from February 17, 2009 through December 31, 2009, you can deduct the state and/or local sales tax or excise tax you paid. The federal income tax deduction is an "above-the-line" deduction, meaning that it is available whether or not you itemize deductions. If you do not itemize deductions, you'll add the sales/excise tax paid to your standard deduction. The deduction is not available for sales or excise taxes paid on a lease agreement.

The deductible sales or excise tax is limited to that portion of tax arttributable to the first $49,500 of the vehicles purchase price. The tax deduction phases out for single taxpayers with adjusted gross incomes over $125,000 ($250,000 for married filing jointly).