A bill to amend the Internal Revenue Code of 1954 to encourage the use of methanol as an alternative fuel for motor vehicles by allowing the rapid amortization of facilities producing methanol and by providing that fuels which are at least 10 percent methanol will not be subject to the Federal excise taxes.
Methanol Fuel Act of 1979 - Amends the Internal Revenue Code to allow individuals to elect an income tax 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 ten percent methanol from excise taxes otherwise imposed on gasoline and special fuels.
Introduced in House
Introduced in House
Referred to House Committee on Ways and Means.
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