The One Big Beautiful Bill Act is looking especially attractive for car buyers.

For the first time in decades, taxpayers can deduct up to $10,000 in auto loan interest for new vehicles assembled in the United States. Welcome relief after being stretched thin by high borrowing costs and inflation.

A family financing a $40,000 SUV can save several hundred dollars in the first year, depending on their tax bracket.

Bonus: It helps strengthen American manufacturing.

Above the line

Unlike most tax deductions, this one is above the line, which means taxpayers can claim it without itemizing. That simplicity makes it available to millions of middle-class Americans.

To qualify, buyers must purchase a new personal-use vehicle. Cars, SUVs, pickup trucks, vans, or motorcycles under 14,000 pounds

See Full Page