CAR Act

This bill would change the federal tax code so that automobiles are no longer treated as "collectibles" when calculating capital gains tax. Under current law, gains from selling collectibles can be taxed at a different rate than gains from many other long-term investments. The bill would remove automobiles from the collectibles category for this purpose. The change would apply to taxable years beginning after December 31, 2025.

Full text and official record on Congress.gov

Sponsors

• Scott Perry Republican sponsor
• 0 cosponsors