Amends the Internal Revenue Code to repeal various provisions allowing for reductions in the excise tax on certain alcohol fuel mixtures. Allows taxpayers to apply the income tax credit for alcohol products used as fuel against their excise tax liability. Repeals provisions limiting the amount of alcohol fuel tax receipts that shall be transferred to the Highway Trust Fund. Provides that the amount of such receipts that shall be appropriated to the Fund shall include amounts equivalent to the excise tax credits allowed for alcohol fuel mixtures.
Exempts certain mobile machinery from the excise tax on heavy trucks sold at retail, the use tax on highway vehicles, and the tax on tires. Makes changes to certain administrative provisions of the excise tax on gasoline, diesel fuel, and kerosene (taxable fuels), including revisions concerning: (1) the tax on aviation-grade kerosene; (2) registration of vendors of taxable fuels; (3) penalties for failure to register or report information on taxable fuels; (4) the authority of the Internal Revenue Service to inspect books and records of fuel vendors; (5) mechanical dyeing of diesel fuel and kerosene; and (6) claims for refunds and credits of fuel excise taxes.
Revises tax rules relating to ultimate vendors of taxable fuels for purposes of claiming tax refunds. Revises the excise tax on tires.
Treats bonds issued for certain transportation facilities as tax-exempt facility bonds.
Limits the depreciation period for computer software that is leased to a tax-exempt entity. Disallows certain tax losses resulting from leases of property to tax-exempt entities.
Requires an appraisal for non-inventory motor vehicles, boats, and aircraft that are claimed as a charitable deduction. Revises rules for documenting noncash charitable contributions in excess of $500. Sets forth rules for the charitable contribution deduction of patents and other intellectual property.
Authorizes the Secretary of the Treasury to contract with collection agencies to collect unpaid Federal taxes. Allows a civil action against collection agencies, but not against the United States, for unauthorized collection activities.
Allows sport franchises an amortization deduction for certain intangibles, including goodwill. Allows a 15- and 20-year recovery period respectively for the depreciation of gas utility property and electric utility transmission and distribution plant grading costs. Increases from 15 to 100 percent the amount of the continuing levy on payments to Federal vendors for unpaid taxes.