Luxury Tax Act of 1982

Summary

Luxury Tax Act of 1982 - Amends the Internal Revenue Code to impose an excise tax on retail sales of: (1) jewelry; (2) clothing; (3) automobiles; (4) recreational boats; (5) air transportation; (6) hotel rooms; and (7) meals. Sets the rate of such tax at 15 percent of the amount by which the selling price exceeds the exemption amount. Sets an exemption amount for each type of taxable article. Provides that the lease of an article shall be considered the sale of such an article. Sets forth special rules for the computation of such tax in the case of installment sales. Applies such tax to articles sold at retail by the United States, or by any agency or instrumentality of the United States, unless sales by such agency or instrumentality are exempted specifically by statute.

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1 official file

• Introduced in House

  summary · EN · 20 April 1982

  Open at official source

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