A bill to amend the Internal Revenue Code of 1954 to permit certain deductions for interest payments on automobile indebtedness to be used in determining adjusted gross income.

Summary

Amends the Internal Revenue Code to extend the income tax deduction for interest paid on indebtedness to non-itemizing taxpayers for that portion of their interest expenses which is attributable to the cost of a new fuel-efficient passenger automobile purchased after April 27, 1981, and before January 1, 1983.

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

Timeline

1. 27 April 1981

   Introduced

   Read second time and referred to Senate Committee on Finance.

   Source: IntroReferral

2. 27 April 1981

   Introduced

   Introduced in Senate

   Source: IntroReferral

3. 30 April 1981

   Committee

   Committee on Finance requested executive comment from OMB; Treasury Department.

   Source: Committee

Votes

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Versions

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Documents

1 official file

• Introduced in Senate

  summary · EN · 27 April 1981

  Open at official source

Sponsors

• Sen. Levin, Carl [D-MI] · D · Sponsor
• · ssfi00 · Standing

Related records

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