A bill to amend the Internal Revenue Code of 1954 to provide a credit against tax related to the purchase of certain new motor vehicles during 1975, and 1976.

[AI summary unavailable — showing source text] Provides a credit against income tax under the Internal Revenue Code in the amount of (1) 10 percent (up to $500) of the purchase price of each new motor vehicle purchased by the taxpayer during taxable year 1975; and (2) 5 percent (up to $250) of such purchase price paid during taxable year 1976. States that this credit shall not be available if the purchase price of a motor vehicle is greater than that purchase price in effect on January 15, 1975 (or, in the case of 1977 models, the price in effect on January 15, 1976). Provides for recapture of such credit upon disposition within 12 months of purchase of a new motor vehicle.…