To amend the Internal Revenue Code of 1986 to allow a deduction for loan interest payments made with respect to certain vehicles.
Sponsored by Yakym, Rudy (Republican-IN-2) · House · Introduced May 7, 2026
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Plain-English Summary (AI-assisted)
This bill would allow taxpayers to deduct interest payments on loans used to purchase certain vehicles from their federal income taxes. Currently, interest on personal vehicle loans is not tax-deductible, unlike mortgage interest or student loan interest, which have limited deductions available.
Legislative Status Timeline
Introduced
May 7, 2026
In Committee
May 7, 2026
Passed House
Pending
Passed Senate
Pending
Presidential Action
Pending
Sponsor
Yakym, Rudy
Independent · IN-2
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