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

Referred to the House Committee on Ways and Means.

2026-05-07

The proposal would let people deduct the interest they pay on loans for certain vehicles from their federal income taxes, similar to how some homeowners can deduct mortgage interest. This would reduce the amount of income subject to taxes for eligible vehicle owners, potentially saving them money at tax time. The change would primarily benefit individuals who finance vehicle purchases through loans.