HB2229

Missouri HB2229 authorizes a tax credit for interest on new passenger vehicle loans for personal use.

Missouri HB2229 establishes the "Missouri No Tax on Car Loan Interest Tax Credit," allowing qualified taxpayers to claim a tax credit for interest paid on new passenger vehicle loans for personal use. The credit applies to loans incurred after December 31, 2025, and secured by a first lien on the vehicle. Eligible vehicles include cars, minivans, SUVs, pickup trucks, and motorcycles with a gross vehicle weight rating under 14,000 pounds, assembled in the U.S. The credit is limited to $10,000 per taxpayer per year and is nonrefundable, expiring four years after enactment unless reauthorized.