Bill > HB2229

This bill creates the "Missouri No Tax on Car Loan Interest Tax Credit", which allows qualified taxpayers to claim a tax credit for interest paid on new vehicle loans purchased between January 1, 2026, and December 31, 2029. The credit applies to new passenger vehicles manufactured primarily for use on public roads, including cars, minivans, SUVs, pickup trucks, and motorcycles, with a gross vehicle weight under 14,000 pounds and final assembly occurring in the United States. Qualified taxpayers can receive a tax credit equal to the loan interest paid, up to $10,000 per year, with the credit amount decreasing for individuals with Missouri adjusted gross income over $100,000 (or $200,000 for combined returns). To be eligible, taxpayers must include the vehicle identification number on their tax return, and the credit is non-refundable, non-transferable, and cannot be carried forward to subsequent tax years. The tax credit program will automatically sunset after four years unless reauthorized by the Missouri General Assembly, and the Department of Revenue is responsible for creating rules to administer the program.

https://house.mo.gov/Bill.aspx?bill=HB2229&year=2026&code=R