A bill to amend the Internal Revenue Code of 1954 to provide a credit against income tax for up to $750 of the cost of purchasing a new highway vehicle.

Summary

Amends the Internal Revenue Code to allow taxpayers an income tax credit for the purchase price of a new highway vehicle purchased between May 31, 1980 and June 1, 1981, which is a 1979 model year or later and which is manufactured in the United States. Limits the amount of such credit to $500. Allows a $750 tax credit for the purchase of a highway vehicle which has a fuel economy which is 20 percent greater than the average fuel economy standard. Specifies that the income tax credit is available only for the purchase of one highway vehicle.

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Documents

1 official file

• Introduced in House

  summary · EN · 24 July 1980

  Open at official source

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