[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. 1219 Introduced in Senate (IS)]
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119th CONGRESS
1st Session
S. 1219
To amend the Internal Revenue Code of 1986 to allow a deduction for
qualified automobile interest.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
April 1 (legislative day, March 31), 2025
Mr. Moreno 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
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) Effective Date.--The amendments made by this section shall
apply to amounts paid or accrued on indebtedness incurred on or after
January 1, 2025.
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