Methanol Fuel Act

[AI summary unavailable — showing source text] Methanol Fuel Act - Provides that every person, at his election, shall be entitled to a deduction with respect to the amortization of any qualified methanol producing facility based on a period of 60 months. Defines the term "qualified methanol producing facility" to mean any tangible property: (1) which is used in producing methanol from coal, wood, waste, or natural gas; and (2) which is of a character subject to the allowance for depreciation. Specifies the amount of such deduction. Provides that such deduction shall be in lieu of a depreciation deduction. Exempts gasoline and special fuels containing at least 10 percent methanol from excise taxes otherwise imposed on gasoline and special fuels.…