To amend the Internal Revenue Code of 1986 to allow a deduction for depreciation of new domestically manufactured automobiles used for personal purposes.

Summary

Amends the Internal Revenue Code to allow a deduction for depreciation under the accelerated cost recovery system for any qualified automobile (whether or not such automobile is used in a trade or business or held for production of income). Exempts such deduction from the limitation on depreciation for luxury automobiles and for certain property used for personal purposes. Describes a qualified automobile as: (1) one manufactured in the United States and purchased in the first retail sale; and (2) a four-wheel fuel-propelled vehicle manufactured primarily for use on public streets, roads, and highways. Treats an automobile as manufactured in the United States if at least 75 percent of the cost to the manufacturer is attributable to value added in the United States or Canada.

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Documents

2 official files

• Introduced in House (text)

  Introduced in House · EN

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 9 April 1992

  Open at official source

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