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Standard Summary
Comprehensive overview in 1-2 paragraphs
Allows tax deduction for interest on qualified automobiles assembled in the United States.
Key Points
- 1Creates deduction for interest on qualified automobile loans
- 2Requires vehicle final assembly in the United States
- 3Applies to loans incurred on or after January 1, 2025
- 4Adds new IRC §163(h)(5) defining qualified automobiles
Impact Areas
Automobile consumersU.S. auto industryTax codeDomestic manufacturing
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