[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 7582 Introduced in House (IH)]

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119th CONGRESS
  2d Session
                                H. R. 7582

To amend the Internal Revenue Code of 1986 to exclude automobiles from 
 being treated as collectibles for purposes of capital gains tax, and 
                          for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           February 13, 2026

  Mr. Perry introduced the following bill; which was referred to the 
                      Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
To amend the Internal Revenue Code of 1986 to exclude automobiles from 
 being treated as collectibles for purposes of capital gains tax, and 
                          for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Collector Automobile Relief Act'' or 
the ``CAR Act''.

SEC. 2. AUTOMOBILES NOT TREATED AS COLLECTIBLES FOR PURPOSES OF CAPITAL 
              GAINS TAX.

    (a) In General.--Section 1(h)(5)(A) of the Internal Revenue Code of 
1986 is amended by inserting ``and excluding automobiles'' after 
``collectible (as defined in section 408(m) without regard to paragraph 
(3) thereof''.
    (b) Effective Date.--The amendment made by this section shall apply 
to taxable years beginning after December 31, 2025.
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