A bill to amend the Internal Revenue Code of 1954 to encourage the use of alcohol as an alternative fuel for motor vehicles by allowing the rapid amortization of facilities producing alcohol for use as such a fuel.
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; and (2) 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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