A bill to amend the Internal Revenue Code of 1986 to allow a deduction for loan interest payments made with respect to certain vehicles.
Sponsor
Full profile: /officials/Y000064
Source: Congress.gov · FEC
Cosponsors (0)
Members who have signed on to support this bill since introduction. Source: Congress.gov.
No cosponsors on record. Bills can pass without cosponsors — this often means the sponsor introduced the bill alone, either because it's a messaging bill, a chairman's mark, or simply early in the legislative cycle.
Latest Action
The most recent step in the bill's legislative path. Committee Activity below shows referrals and reports; the full action-by-action history including floor proceedings lives at Congress.gov →
Committee Activity
Currently in
- Senate Committee on FinanceReferred To · 2026-06-02
Plain-English Summary
The proposal would let people deduct the interest they pay on loans for certain vehicles from their federal income taxes, similar to how homeowners can deduct mortgage interest. This would reduce the taxable income for vehicle owners who qualify, potentially lowering their tax bills. The specific types of vehicles eligible for this deduction would be determined by the details of the legislation.
AI-assisted summary generated from the official bill metadata (title, subjects, actions) sourced from Congress.gov. Cached and reviewed. Always verify against the official text linked below.
Full Bill Text
Verbatim text published on Congress.gov via GovInfo. Use Cmd+F / Ctrl+F to search within this excerpt.
[Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [S. 4653 Introduced in Senate (IS)] <DOC> 119th CONGRESS 2d Session S. 4653 To amend the Internal Revenue Code of 1986 to allow a deduction for loan interest payments made with respect to certain vehicles. _______________________________________________________________________ IN THE SENATE OF THE UNITED STATES June 2, 2026 Mr. Young introduced the following bill; which was read twice and referred to the Committee on Finance _______________________________________________________________________ A BILL To amend the Internal Revenue Code of 1986 to allow a deduction for loan interest payments made with respect to certain vehicles. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. QUALIFIED PASSENGER VEHICLES INCLUDE RECREATIONAL VEHICLES FOR PURPOSES OF DEDUCTION FOR INTEREST PAID OR ACCRUED. (a) In General.--Section 163(h)(4)(D) of the Internal Revenue Code of 1986 is amended by striking clauses (iii) through (vi) and inserting the following: ``(iii) which has at least 2 wheels, and ``(iv) which-- ``(I)(aa) is a car, minivan, van, sport utility vehicle, pickup truck, or motorcycle, ``(bb) is treated as a motor vehicle for purposes of title II of the Clean Air Act, and ``(cc) has a gross vehicle weight rating of less than 14,000 pounds, or ``(II) is a trailer, camper, or vehicle which-- ``(aa) is designed to provide temporary living quarters for recreational, camping, or seasonal use, and ``(bb) is a motor vehicle or is designed to be towed by, or affixed to, a motor vehicle.''. (b) Effective Date.--The amendments made by this section shall apply to indebtedness incurred after December 31, 2025. <all>
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