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119-hr-3191119th CongressWALLET
Made in America Motors Act
Sponsored By: Representative Huizenga, Bill [R-MI-4]
Introduced
Summary
Would create a new above-the-line deduction for interest on loans for vehicles finally assembled in the United States. It would let individuals deduct up to $2,500 of qualifying motor vehicle interest, even if they do not itemize.
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Bill Overview
Analyzed Economic Effects
1 provisions identified: 1 benefits, 0 costs, 0 mixed.
New deduction for car loan interest
If enacted, you could deduct up to $2,500 a year of car loan interest. You could claim it even if you do not itemize. The loan must be taken on or after January 1, 2025. It must be used to buy a qualifying vehicle and be secured by that vehicle. The vehicle must have 4+ wheels, weigh under 14,000 pounds, and be finally assembled in the United States. No deduction if the same interest is deductible under another tax rule. This would apply starting with tax years beginning after December 31, 2025.
Sponsors & CoSponsors
Sponsor
Huizenga, Bill [R-MI-4]
MI • R
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
No roll call votes available for this bill.
View on Congress.gov