Charitable Automobile Red-Tape Simplification Act of 2014 or the CARS Act of 2014 - Amends the Internal Revenue Code, with respect to the tax deduction for charitable contributions, to modify the substantiation rules for donations of qualified vehicles (i.e., motor vehicles manufactured primarily for use on public streets, roads, and highways and boats or airplanes) to require: (1) a statement with respect to such qualified vehicles and a good faith estimate of their value at the time of donation; and (2) a contemporaneous written acknowledgement of the contribution by the donee organization, with information about the donor and the qualified vehicle.
[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4960 Introduced in House (IH)]
113th CONGRESS
2d Session
H. R. 4960
To amend the Internal Revenue Code of 1986 to modify the substantiation
rules for the donation of vehicles valued between $500 and $5,000
dollars.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
June 25, 2014
Mr. Young of Indiana (for himself, Ms. Linda T. Sanchez of California,
Mr. Reichert, Mrs. Black, Mr. Kelly of Pennsylvania, Mr. Nunes, Mr.
Tiberi, Mr. Boustany, Mr. Price of Georgia, Mr. Schock, Mr. Paulsen,
Mr. Marchant, Mr. Griffin of Arkansas, Mr. Neal, Mr. Larson of
Connecticut, Mr. Pascrell, Mr. Rangel, Ms. Schwartz, Mr. Danny K. Davis
of Illinois, Mr. Lewis, Mr. Kind, Mr. Gerlach, and Mr. Renacci)
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 modify the substantiation
rules for the donation of vehicles valued between $500 and $5,000
dollars.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Charitable Automobile Red-Tape
Simplification Act of 2014'' or as the ``CARS Act of 2014''.
SEC. 2. MODIFICATION OF SUBSTANTIATION RULES FOR THE DONATION OF
CERTAIN VEHICLES.
(a) In General.--Paragraph (12) of section 170(f) of the Internal
Revenue Code of 1986 is amended to read as follows:
``(12) Contributions of used motor vehicles, boats, and
airplanes exceeding $500 but not $5,000.--
``(A) In general.--In the case of a contribution of
a qualified vehicle the claimed value of which exceeds
$500 but not $5,000, paragraph (8) shall not apply and
no deduction shall be allowed under subsection (a) for
such contribution unless the taxpayer attaches to the
return for the taxable year--
``(i) a statement that includes--
``(I) the make, model, year of
manufacture, and condition of the
qualified vehicle at time of donation,
and
``(II) a good faith estimate of the
value of the qualified vehicle at time
of donation based on a widely available
used vehicle pricing guide (as
determined by the Secretary) which
takes into account unusual equipment,
unusual mileage, and physical condition
of the vehicle, and
``(ii) a contemporaneous written
acknowledgment of the contribution by the donee
organization which includes the following
information:
``(I) The name and taxpayer
identification number of the donor.
``(II) The vehicle identification
number or similar number.
``(III) The condition of the
donated vehicle, including any engine
trouble, body damage, high mileage, and
any excessive wear and tear.
``(IV) Whether the donee
organization provided any goods or
services in consideration, in whole or
in part, for the qualified vehicle.
``(V) A description and good faith
estimate of the value of any goods or
services referred to in clause (iv) or,
if such goods or services consist
solely of intangible religious benefits
(as defined in paragraph (8)(B)), a
statement to that effect.
``(B) Information to secretary.--A donee
organization required to provide an acknowledgment
under this paragraph shall provide to the Secretary the
information contained in the acknowledgment. Such
information shall be provided at such time and in such
manner as the Secretary may prescribe.
``(C) Qualified vehicle.--For purposes of this
paragraph, the term `qualified vehicle' means any--
``(i) motor vehicle manufactured primarily
for use on public streets, roads, and highways,
``(ii) boat, or
``(iii) airplane.
Such term shall not include any property which is
described in section 1221(a)(1).
``(D) Regulations or other guidance.--The Secretary
shall prescribe such regulations or other guidance as
may be necessary to carry out the purposes of this
paragraph.''.
(b) Conforming Amendment.--Section 170(f)(11)(A)(ii)(I) of such
Code is amended--
(1) by inserting ``and'' before ``publicly'', and
(2) by striking ``and any qualified vehicle described in
paragraph (12)(A)(ii) for which an acknowledgment under
paragraph (12)(B)(iii) is provided''.
(c) Effective Date.--The amendment made by this section shall apply
to taxable years beginning after December 31, 2014.
<all>
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
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