Buy American Motor Vehicles Act of 1992

Buy American Motor Vehicles Act of 1992 - Amends the Internal Revenue Code to allow a tax credit, for an individual who purchases a domestic passenger vehicle, of: (1) 15 percent of the purchase price, in the case of a vehicle purchased in 1992 after January 31, 1992; and (2) 7.5 percent, in the case of a vehicle purchased in 1993. Limits the credit to $2,000 in 1992, and $1,000 in 1993.

Allows an individual qualifying for such credit, at the time of such purchase, to assign the right to the credit to the retail dealer in exchange for a price reduction of equal value. Allows the retail dealer to assign such right to the manufacturer of the vehicle. Allows manufacturers to use such credit against their tax liability.

Defines a domestic vehicle as: (1) one produced by a domestic vehicle manufacturer at a facility within the United States or Canada; and (2) one which includes required labeling on credit eligibility and the percentage of parts produced by domestic parts manufacturers. Defines a domestic parts manufacturer as one with manufacturing facilities within the United States or Canada and who is not Japanese or Japanese-affiliated.