Alcohol Fuel Act - Amends the Internal Revenue Code: (1) to allow the election of a deduction with respect to the amortization, based on a 60-month period, of any qualified facility producing alcohol from coal, wood, waste, or agricultural products for primary use as a motor fuel; (2) to exempt from specified excise taxes the sale of any gasoline or fuel at least ten percent of which is alcohol; and (3) to allow the tax-free withdrawal from bonded premises of distilled spirits to the extent such spirits are alcohol produced by a qualified alcohol-producing facility for primary use as motor fuel.
Introduced in House
Introduced in House
Referred to House Committee on Ways and Means.
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