Allows a tax deduction for interest on loans used to purchase U.S.-assembled automobiles.
The United States Automobile Consumer Assistance and Relief Act (USA CAR Act) amends the Internal Revenue Code to allow a deduction for qualified automobile interest. This deduction applies to interest paid or accrued on loans incurred on or after January 1, 2025, for purchasing a qualified automobile. A "qualified automobile" is defined as an automobile whose final assembly occurred in the United States. The loan must be used to acquire the automobile and must be secured by the automobile itself.
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