Amends the Internal Revenue Code to limit the basis of passenger automobiles to $15,000 for purposes of determining the amount of depreciation and investment tax credit allowable. Allows for an automobile price inflation adjustment (if required) for the calendar year in which the automobile is placed in service.
Became Public Law No: 98-369.
Provisions Concerning Luxury Automobiles Contained in Sect. 179, Subtitle L of H.R.4170.
Introduced in Senate
Read twice and referred to the Committee on Finance.
Committee on Finance requested executive comment from Treasury Department, OMB.
Provisions Concerning Luxury Automobiles Contained in Sect. 179, Subtitle L of H.R.4170.
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