S.319 - Reducing the Incentives to Guzzle Gas Act

A bill to amend the Internal Revenue Code of 1986 to reduce the incentive to purchase larger and luxury motor vehicles. view all titles (2)

All Bill Titles

  • Short: Reducing the Incentives to Guzzle Gas Act as introduced.
  • Official: A bill to amend the Internal Revenue Code of 1986 to reduce the incentive to purchase larger and luxury motor vehicles. as introduced.

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Introduced
 
Senate
Passes
 
House
Passes
 
President
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01/17/07
 
 
 
 
 
 
 

Official Summary

Reducing the Incentives to Guzzle Gas Act - Amends the Internal Revenue Code to: (1) include certain heavy vehicles (with a gross vehicle weight of between 6,000 and 14,000 pounds) as passenger vehicles to which the limitations on the depreciation allowed for luxury automobiles apply; (2) e

Official Summary

Reducing the Incentives to Guzzle Gas Act - Amends the Internal Revenue Code to:
(1) include certain heavy vehicles (with a gross vehicle weight of between 6,000 and 14,000 pounds) as passenger vehicles to which the limitations on the depreciation allowed for luxury automobiles apply;
(2) exempt vehicles used in a farming business from such depreciation limitations;
(3) revise the limitation amounts for the depreciation of luxury automobiles; and
(4) allow the expensing of up to $30,000 of the cost of vehicles used in a farming business.

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