Yesterday, the Senate passed a new car tax credit, hoping to spur sales in the wake of the federal government’s bailout of GM and Chrysler. The bipartisan, 71-26 vote passed amid debate over President Barack Obama’s economic stimulus package.

The bill, giving an income tax credit to those who purchase new autos, was shepherded by Senator Barbara Mikulski, whose office estimated the cost at $11 billion over the next decade. The bill applies retroactively to those who bought cars between November 12 and December 31, to the first $49,500 of the new car’s price tag. Even those who don’t itemize their tax returns for deductions can qualify, up to income of $125,000 for individuals and $250,000 for married couples. For a $25,000 car, the savings would be $1,553.

Senator Charles Grassley of Iowa attempted to block the bill, criticizing it for encouraging consumer debt during a recession and mentioning other aspects of the stimulus bill which help the auto industry.