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119th CONGRESS
2d Session |
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.
Mr. Perry introduced the following bill; which was referred to the Committee on Ways and Means
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,
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.