HR8672Referred to Committee

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

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Introduced
In Committee
3
Passed One Chamber
4
Passed Both
5
Signed into Law
119th
Congress
2026-05-07
Introduced
2
Cosponsors
HR
ⓘ
Type

Sponsor

Rudy Yakym III
Rudy Yakym III
Republican · IN · Representative
Votes with party: 99.2% (608 recorded votes)

Full profile: /officials/Y000067

Source: Congress.gov · FEC

Cosponsors (2)

Members who have signed on to support this bill since introduction. Source: Congress.gov.

Latest Action

The most recent step in the bill's legislative path. Committee Activity below shows referrals and reports; the full action-by-action history including floor proceedings lives at Congress.gov →

Referred to the House Committee on Ways and Means.

2026-05-07

Source: Congress.gov

Committee Activity

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Plain-English Summary

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.

AI-assisted summary generated from the official bill metadata (title, subjects, actions) sourced from Congress.gov. Cached and reviewed. Always verify against the official text linked below.

Subjects

Taxation

Full Bill Text

Verbatim text published on Congress.gov via GovInfo. Use Cmd+F / Ctrl+F to search within this excerpt.

[Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [H.R. 8672 Introduced in House (IH)] <DOC> 119th CONGRESS 2d Session H. R. 8672 To amend the Internal Revenue Code of 1986 to allow a deduction for loan interest payments made with respect to certain vehicles. _______________________________________________________________________ IN THE HOUSE OF REPRESENTATIVES May 7, 2026 Mr. Yakym (for himself and Ms. Titus) introduced the following bill; which was referred to the Committee on Ways and Means _______________________________________________________________________ A BILL To amend the Internal Revenue Code of 1986 to allow a deduction for loan interest payments made with respect to certain vehicles. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. QUALIFIED PASSENGER VEHICLES INCLUDE RECREATIONAL VEHICLES FOR PURPOSES OF DEDUCTION FOR INTEREST PAID OR ACCRUED. (a) In General.--Section 163(h)(4)(D) of the Internal Revenue Code of 1986 is amended by striking clauses (iii) through (vi) and inserting the following: ``(iii) which has at least 2 wheels, and ``(iv) which-- ``(I)(aa) is a car, minivan, van, sport utility vehicle, pickup truck, or motorcycle, ``(bb) is treated as a motor vehicle for purposes of title II of the Clean Air Act, and ``(cc) has a gross vehicle weight rating of less than 14,000 pounds, or ``(II) is a trailer, camper, or vehicle which-- ``(aa) is designed to provide temporary living quarters for recreational, camping, or seasonal use, and ``(bb) is a motor vehicle or is designed to be towed by, or affixed to, a motor vehicle.''. (b) Effective Date.--The amendments made by this section shall apply to indebtedness incurred after December 31, 2025. <all>
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