What does Preamble of HR 7582 do?

This bill proposes to amend the Internal Revenue Code of 1986. The proposed amendment would exclude automobiles from being treated as collectibles for capital gains tax purposes. The bill's purpose is 'to amend the Internal Revenue Code of 1986 to exclude automobiles from being treated as collectibles for purposes of capital gains tax, and for other purposes.'

What does SHORT TITLE. of HR 7582 do?

This bill is formally titled the Collector Automobile Relief Act.

What does AUTOMOBILES NOT TREATED AS COLLECTIBLES FOR PURPOSES OF CAPITAL of HR 7582 do?

This section amends Section 1(h)(5)(A) of the Internal Revenue Code of 1986. The amendment excludes automobiles from the definition of 'collectible' for purposes of capital gains tax. The amendment applies to taxable years beginning after December 31, 2025.

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CAR Act — HR. 7582

Last updated: 2/13/2026 · Introduced: 2/13/2026

Author: Scott Perry (R-PA)

TL;DR (AI)

This bill excludes automobiles from being classified as 'collectibles' for capital gains tax purposes.
The change applies to taxable years beginning after December 31, 2025.

119th Congressin committeeOfficial page

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Other Sections

Includes provisions on preamble, short title., and 1 more.

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