Summary: H.R.13241 — 95th Congress (1977-1978)All Information (Except Text)

There is one summary for H.R.13241. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (06/22/1978)

Alcohol Fuel Act Act - Amends the Internal Revenue Code: (1) to allow the election of a deduction with respect to the amortization, based on a 60-month period, of any qualified facility producing alcohol from coal, wood, waste, or agricultural products for primary use as a motor fuel; (2) to exempt from specified excise taxes the sale of any gasoline or fuel at least ten percent of which is alcohol; and (3) to allow the tax-free withdrawal from bonded premises of distilled spirits to the extent such spirits are alcohol produced by a qualified alcohol-producing facility for primary use as motor fuel.