A bill to amend the Internal Revenue Code of 1954 to limit the amount of depreciation, investment tax credit, and deductions allowable for luxury automobiles.

Summary

Amends the Internal Revenue Code to limit the basis of passenger automobiles to $15,000 for purposes of determining the amount of depreciation and investment tax credit allowable. Allows for an automobile price inflation adjustment (if required) for the calendar year in which the automobile is placed in service. Limits the amount that can be deducted as an ordinary and necessary business expense for leasing automobiles for periods longer than one month.

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Timeline

1. 30 January 1984

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 30 January 1984

   Introduced

   Introduced in Senate

   Source: IntroReferral

3. 1 February 1984

   Committee

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

   Source: Committee

4. 18 July 1984

   Committee

   Provisions Concerning Luxury Automobiles Contained in Sect. 179, Subtitle L of H.R.4170.

   Source: Committee

Votes

No vote records are attached yet.

Versions

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

Documents

1 official file

• Introduced in Senate

  summary · EN · 30 January 1984

  Open at official source

Sponsors

• Sen. Moynihan, Daniel Patrick [D-NY] · D · Sponsor
• Sen. Ford, Wendell H. [D-KY] · D · Sponsor
• Sen. Chafee, John H. [R-RI] · R · Cosponsor
• Sen. Exon, J. James [D-NE] · D · Cosponsor
• · ssfi00 · Standing

Related records

• related to → Deficit Reduction Act of 1984