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HR7582119th CongressWALLET
CAR Act
Sponsored By: Representative Perry, Scott [R-PA-10]
Introduced
Summary
This bill would remove automobiles from the tax code's definition of "collectibles," so gains on car sales are taxed like regular capital assets. It would shift profits from selling cars away from the special collectibles capital gains rate and into the general capital gains framework for non-collectible property. The change would apply to taxable years beginning after December 31, 2025, meaning it takes effect for tax year 2026 onward.
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Bill Overview
Analyzed Economic Effects
1 provisions identified: 1 benefits, 0 costs, 0 mixed.
Lower capital gains tax on cars
This bill would amend the tax code to exclude automobiles from the definition of "collectible" for capital gains rules. If enacted, gains from selling cars would no longer get the special collectibles tax rate and would instead follow the regular capital gains rules for non-collectibles. The change would apply to taxable years beginning after December 31, 2025 (tax year 2026 and later). Only taxpayers who realize taxable gains from selling automobiles would be affected.
Sponsors & CoSponsors
Sponsor
Perry, Scott [R-PA-10]
PA • R
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
No roll call votes available for this bill.
View on Congress.gov