Congress·In Committee·H.R. 7582

Taxes: Lowering Capital Gains Tax on Classic Cars

CAR Act

Legislative Progress

House

Senate

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Law

Rep. Perry introduced a bill called the CAR Act that would change how the government taxes the sale of classic or collector cars. Currently, these cars are taxed as "collectibles," which often carries a higher tax rate than other investments like stocks.
If this bill becomes law, cars would no longer be in the same tax category as things like rare coins or art. This means people who sell a car for more than they paid for it would likely pay a lower capital gains tax rate on their profit.
This change would apply to car sales starting in 2026. It is designed to help car enthusiasts and collectors keep more of their money when they sell a vehicle that has gone up in value over the years.
Currently, the top tax rate for "collectibles" is 28%. By removing cars from this list, the bill would allow car owners to benefit from the lower tax rates usually reserved for long-term investments, which are often 15% or 20%.

2 milestones2 actions

Feb 13, 2026House

Referred to the House Committee on Ways and Means.

Feb 13, 2026

Introduced in House

Document Type

Congressional Bill

Official Title

CAR Act

Bill NumberHR 7582

Congress119th Congress

ChamberHouse of Representatives

Latest ActionReferred to the House Committee on Ways and Means.

Congress.gov

Official legislative information

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