A bill to amend the Internal Revenue Code of 1954 to allow a refundable income tax credit for the purchase of new automobiles manufactured by certain companies which have substantially increased their average fuel economy.

Summary

Amends the Internal Revenue Code to allow individual taxpayers a refundable income tax credit for the purchase of new passenger automobiles after December 31, 1980, and before January 1, 1982, which were manufactured by companies whose average fuel economy rating for passenger automobiles in model year 1979 equals or exceeds 120 percent of their rating for model year 1974. Establishes the amount of such credit at $500.

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

Timeline

1. 9 April 1981

   Introduced

   Read second time and referred to Senate Committee on Finance.

   Source: IntroReferral

2. 9 April 1981

   Introduced

   Introduced in Senate

   Source: IntroReferral

3. 17 April 1981

   Committee

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

   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 · 9 April 1981

  Open at official source

Sponsors

• Sen. Riegle, Donald W., Jr. [D-MI] · D · Sponsor
• Sen. Levin, Carl [D-MI] · D · Sponsor
• Sen. Zorinsky, Edward [D-NE] · D · Cosponsor
• · ssfi00 · Standing

Related records

• related to → A bill to amend the Internal Revenue Code of 1954 to allow a refundable income tax credit for the purchase of new automobiles manufactured by certain companies which have substantially increased their average fuel economy.