No official summary available for this bill.
[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3570 Introduced in House (IH)]
<DOC>
119th CONGRESS
1st Session
H. R. 3570
To amend the Internal Revenue Code of 1986 to allow a deduction for
qualified automobile interest.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
May 21, 2025
Mr. Taylor introduced the following bill; which was referred to the
Committee on Ways and Means
_______________________________________________________________________
A BILL
To amend the Internal Revenue Code of 1986 to allow a deduction for
qualified automobile interest.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``United States Automobile Consumer
Assistance and Relief Act'' or the ``USA CAR Act''.
SEC. 2. DEDUCTION FOR QUALIFIED AUTOMOBILE INTEREST.
(a) In General.--Section 163(h)(2) of the Internal Revenue Code of
1986 is amended by striking ``and'' at the end of subparagraph (E), by
striking the period at the end of subparagraph (F) and inserting ``,
and'', and by adding at the end the following new subparagraph:
``(G) any qualified automobile interest (as defined
in paragraph (5)).''.
(b) Qualified Automobile Interest.--Section 163(h) is amended by
adding at the end the following new paragraph:
``(5) Qualified automobile interest.--For purposes of this
subsection--
``(A) In general.--The term `qualified automobile
interest' means any interest which is paid or accrued
during the taxable year on indebtedness which--
``(i) is incurred on or after January 1,
2025,
``(ii) is incurred in acquiring a qualified
automobile, and
``(iii) is secured by such automobile.
``(B) Qualified automobile.--
``(i) In general.--The term `qualified
automobile' means an automobile (within the
mean of section 2 of the Automobile Information
Disclosure Act (15 U.S.C. 1231)) which is made
by a manufacturer (within the meaning of
section 2 of such Act) the final assembly of
which occurs within the United States.
``(ii) Final assembly.--The term `final
assembly' means the process by which a
manufacturer produced an automobile at, or
through the use of, a plant, factory, or other
place from which the automobile is delivered to
a dealer with all component parts necessary for
the mechanical operation of the automobile
included with the automobile, whether or not
the component parts are permanently installed
in or on the automobile.''.
(c) Deduction Allowed Above-The-Line.--Section 62(a) of the
Internal Revenue Code of 1986 is amended by inserting after paragraph
(21) the following new paragraph:
``(22) In the case of a taxpayer other than a corporation,
so much of the deduction allowed under section 163 which is
attributable to qualified automobile interest (as defined in
section 163(h)(5)).''.
(d) Effective Date.--The amendments made by this section shall
apply to amounts paid or accrued on indebtedness incurred on or after
the date of the enactment of this Act.
<all>
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
Llama 3.2 · runs locally in your browser
Ask anything about this bill. The AI reads the full text to answer.
Enter to send · Shift+Enter for new line