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CAR Act: Excluding Automobiles from Collectibles for Capital Gains Tax

This bill amends the Internal Revenue Code of 1986 to exclude automobiles from being treated as collectibles for purposes of capital gains tax.
Key points
Automobiles will no longer be treated as collectibles for capital gains tax purposes.
The bill amends Section 1(h)(5)(A) of the Internal Revenue Code of 1986.
The change applies to taxable years beginning after December 31, 2025.
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Status:
Introduced
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Additional Information
Print number: 119_HR_7582
Sponsor: Rep. Perry, Scott [R-PA-10]
Process start date: 2026-02-13
System Note: Lustra is free, publicly auditable civic infrastructure, with full source code available on GitHub. You are reading sterilized legislative data, processed by our radical neutrality engine to strip political spin and retain factual mechanics. We process only official government data. Original documents remain the authoritative source, always verify them if you can.
Summarized by: gemini-3.1-pro-preview
Source data: api.congress.gov
AI work logs for this document launch

OFFICIAL LEGAL TITLE

CAR Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 119_HR_7582.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2026-02-13.

What are the main provisions?

Key points include:

  • Automobiles will no longer be treated as collectibles for capital gains tax purposes.
  • The bill amends Section 1(h)(5)(A) of the Internal Revenue Code of 1986.
  • The change applies to taxable years beginning after December 31, 2025.
What is the specific legal status?

The current status is Introduced.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Perry, Scott [R-PA-10].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2026-03-12.

What is the impact of this bill?

We don't know, that is up to you to decide. Summarizing raw data with AI is fundamentally different from predicting socio-economic outcomes. As of 2026, we believe impact assessment strictly requires a human in the loop to verify and judge.

CATEGORIES

Taxes Economy Transport