H.R. 7582 — Introduced in House

I 119th CONGRESS 2d Session H. R. 7582 IN THE HOUSE OF REPRESENTATIVES February 13, 2026Mr. Perry introduced the following bill; which was referred to the Committee on Ways and Means A BILL 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. 1. Short title This Act may be cited as the Collector Automobile Relief Act or the CAR Act. 2. Automobiles not treated as collectibles for purposes of capital gains tax (a) In general Section 1(h)(5)(A) of the Internal Revenue Code of 1986 is amended by inserting and excluding automobiles after collectible (as defined in section 408(m) without regard to paragraph (3) thereof. (b) Effective date The amendment made by this section shall apply to taxable years beginning after December 31, 2025.