Missouri HB2646 authorizes a tax credit for new vehicle loan interest paid by qualified taxpayers.
Missouri HB2646 establishes the "Missouri No Tax on Car Loan Interest Tax Credit" for certain new motor vehicle loan interest payments. Qualified taxpayers can claim a tax credit against their state tax liability for interest paid on a new vehicle loan, up to $10,000 per year. The credit is available for tax years beginning on or after January 1, 2026, and before January 1, 2030. The program will sunset four years after its effective date unless reauthorized. The credit is nonrefundable and cannot be carried forward to subsequent tax years.
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