Bill > HR7222

This bill, titled the "No Tax on Boat Loan Interest Act of 2026," proposes to amend the Internal Revenue Code of 1986 to allow taxpayers to deduct interest paid on loans for watercraft, similar to how interest on loans for cars and other passenger vehicles can be deducted. Specifically, it redefines "applicable passenger vehicle" to include "applicable watercraft," which are defined as recreational vessels that are motorboats, provided their original use begins with the taxpayer and their final assembly occurred within the United States. The bill also requires the inclusion of a hull identification number for watercraft, or a vehicle identification number for motor vehicles, on tax returns for the relevant taxable year, and makes conforming amendments to related tax code sections. These changes are intended to apply to indebtedness incurred after December 31, 2024.

Budget and Finance

https://www.congress.gov/bill/119th-congress/house-bill/7222/all-info