A bill to amend the Internal Revenue Code of 1986 to allow a deduction for loan interest payments made with respect to certain vehicles.

This bill changes the federal tax rule that lets people deduct interest paid on loans for certain passenger vehicles. It would expand the list of vehicles that qualify to include trailers, campers, and vehicles designed to provide temporary living quarters for recreational, camping, or seasonal use, if they are motor vehicles or are designed to be towed by or attached to one. Cars, minivans, vans, sport utility vehicles, pickup trucks, and motorcycles under 14,000 pounds that are treated as motor vehicles under the Clean Air Act would remain eligible. The change would apply to loans taken out after December 31, 2025.

Full text and official record on Congress.gov

Sponsors

• Todd Young Republican sponsor
• 0 cosponsors