S.1653

Allows a tax deduction for interest on loans used to purchase U.S.-assembled automobiles.

The United States Automobile Consumer Assistance and Relief Act, or USA CAR Act, amends the Internal Revenue Code to allow a tax deduction for interest on loans used to purchase automobiles assembled in the United States. The deduction applies to interest incurred on or after January 1, 2025, on loans secured by the purchased automobile. The term "qualified automobile" refers to vehicles assembled in the U.S., defined as the process where a manufacturer completes all necessary component parts for mechanical operation at a plant or factory.