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119th CONGRESS 1st Session
To amend the Internal Revenue Code of 1986 to allow a deduction for qualified automobile interest.
IN THE HOUSE OF REPRESENTATIVES · April 21, 2025 · Sponsor: Mr. Taylor · Committee: Committee on Ways and Means
, and, and by adding at the end the following new subparagraph: Section 163(h)(2)qualified automobile interest means any interest which is paid or accrued during the taxable year on indebtedness which—
qualified automobile means an automobile (within the mean of section 2 of the Automobile Information Disclosure Act () which is made by a manufacturer (within the meaning of section 2 of such Act) the final assembly of which occurs within the United States. 15 U.S.C. 1231final assembly means the process by which a manufacturer produced an automobile at, or through the use of, a plant, factory, or other place from which the automobile is delivered to a dealer with all component parts necessary for the mechanical operation of the automobile included with the automobile, whether or not the component parts are permanently installed in or on the automobile.