Lets car buyers deduct interest on loans for U.S.-assembled vehicles from their taxes.
Currently, you can't deduct interest paid on car loans from your taxes. This bill would let people deduct interest on loans for new cars. But this only applies if the car's final assembly happened in the United States. This change would apply to loans taken out on or after January 1, 2025. It could lower tax bills for many car buyers.
Today, interest paid on personal car loans cannot be deducted from your taxes. If this bill passes, people would be able to deduct interest paid on car loans. This applies only if the car's final assembly happened in the United States. This change would apply to loans taken out on or after January 1, 2025.
S 1219 · 119th Congress · April 1, 2025 · AI Summary by gemini-2.5-flash · 10/10
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2 filings mentioned this bill
Amounts reflect total quarterly lobbying spend reported to the Senate, not bill-specific spending. Source: Senate LDA filings.