Bill > HR3191

This bill creates a new tax deduction for motor vehicle interest, allowing individual taxpayers to deduct up to $2,500 in interest paid on qualifying motor vehicle loans. To be eligible, the vehicle must be manufactured primarily for highway use, have at least 4 wheels, weigh less than 14,000 pounds, and be made by a U.S. manufacturer with final assembly occurring in the United States. The deduction would apply to vehicle loans taken out on or after January 1, 2025, and can be claimed regardless of whether the taxpayer itemizes other deductions. The bill specifically prohibits claiming this deduction for any interest that is already deductible under other tax provisions. This new tax benefit, called the "Made in America Motors Act," is designed to incentivize purchasing vehicles manufactured in the United States by providing a financial incentive through the tax code. The deduction will become effective for tax years beginning after December 31, 2025, giving manufacturers and consumers time to adapt to the new provision.

Budget and Finance

https://www.congress.gov/bill/119th-congress/house-bill/3191/all-info