Lets car buyers deduct interest on loans for U.S.-assembled vehicles.
This bill would create a new tax deduction for interest paid on certain car loans. It would help individual taxpayers who buy cars assembled in the United States, allowing them to lower their taxable income. This could make buying a U.S.-made car more affordable for eligible buyers.
Today, interest paid on car loans is generally not deductible for federal income tax purposes. After this bill, individual taxpayers would be able to deduct interest paid on loans for cars assembled in the U.S., provided the loan was taken out on or after January 1, 2025, and after the bill becomes law. This deduction would lower their taxable income.
S 1653 · 119th Congress · May 7, 2025 · AI Summary by gemini-2.5-flash · 10/10
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