CAR Act

[AI summary unavailable — showing source text] [Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [H.R. 7582 Introduced in House (IH)] <DOC> 119th CONGRESS 2d Session H. R. 7582 To amend the Internal Revenue Code of 1986 to exclude automobiles from being treated as collectibles for purposes of capital gains tax, and for other purposes. _______________________________________________________________________ IN THE HOUSE OF REPRESENTATIVES February 13, 2026 Mr. Perry introduced the following bill; which was referred to the Committee on Ways and Means _______________________________________________________________________ A BILL To amend the Internal Revenue Code of 1986 to exclude automobiles from being treated as collectibles for purposes of capital gains tax, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``Collector Automobile Relief Act'' or the ``CAR Act''. SEC. 2. AUTOMOBILES NOT TREATED AS COLLECTIBLES FOR PURPOSES OF CAPITAL GAINS TAX. (a) In General.--Section 1(h)(5)(A) of the Internal Revenue Code of 1986 is amended by inserting ``and excluding…