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.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 24 July 1980

   Introduced

   Referred to House Committee on Ways and Means.

   Source: IntroReferral

2. 24 July 1980

   Introduced

   Introduced in House

   Source: IntroReferral

3. 24 July 1980

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in House

  summary · EN · 24 July 1980

  Open at official source

Sponsors

• Rep. Fary, John G. [D-IL-5] · D · Sponsor
• · hswm00 · Standing

Related records

• related to → 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.