The policy, enacted as part of Trump’s “big, beautiful bill,” allows eligible taxpayers to deduct up to $10,000 a year in car loan interest on new, U.S.-assembled vehicles purchased between 2025 and 2028. “Treasury is implementing President Trump’s No Tax on American Car Loan Interest, putting money back in the pockets of working and middle-class families,” Bessent wrote on X. “For new U.S.-assembled vehicles purchased in 2025-2028, eligible taxpayers can deduct up to $10,000 per year in auto loan interest, whether they itemize or take the standard deduction.”
Sam Busa