Made in America Motors Act

House Votes

This bill, called the Made in America Motors Act, would change the tax code so people can subtract the interest they pay on certain car or truck loans from their income on their tax return. It says this deduction would be taken before figuring out taxable income, so you could claim it even if you don’t itemize deductions. This could lower your taxable income and your tax bill.

Key points:

• Who: People who pay interest on qualifying motor vehicle loans.
• What: Adds a new deduction for that interest that you can take without itemizing.
• When: The provided text does not show an effective date.