“To amend the Internal Revenue Code of 1986 to allow a deduction for loan interest payments made with respect to certain vehicles.”
No CRS summary available for this bill.
This section revises the definition of qualified passenger vehicles in section 163(h)(4)(D) of the Internal Revenue Code for purposes of the deduction for interest paid or accrued. The change strikes prior clauses (iii) through (vi) and inserts new language requiring at least two wheels and either (I) a car, minivan, van, sport utility vehicle, pickup truck, or motorcycle treated as a motor vehicle under title II of the Clean Air Act with a gross vehicle weight rating under 14,000 pounds, or (II) a trailer, camper, or vehicle designed to provide temporary living quarters for recreational, camping, or seasonal use that is a motor vehicle or designed to be towed by or affixed to a motor vehicle. The amendments apply to indebtedness incurred after December 31, 2025.