The United States Auto Mobile Consumer Assistance and Relief Act
This bill aims to amend the Internal Revenue Code of 1986 to allow a deduction for qualified automobile interest.
SEC. 1. SHORT TITLE
This Act may be cited as the ‘‘United States Auto- mobile Consumer Assistance and Relief Act’’ or the ‘‘USA5
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’’ at10
the end of subparagraph (E), by striking the period at1
the end of subparagraph (F) and inserting ‘‘, and’’, and2
by adding at the end the following new subparagraph:
‘‘(G) any qualified automobile interest (as4
defined in paragraph (5)).’’.5
(b) Q
UALIFIED AUTOMOBILE INTEREST.
(A) IN GENERAL.
The term ‘qualified11
automobile interest’ means any interest which is12
paid or accrued during the taxable year on in-13
debtedness which—14
‘‘(i) is incurred on or after January 1,15
2025,16
‘‘(ii) is incurred in acquiring a quali-17
fied automobile, and18
‘‘(iii) is secured by such automobile.19
(B) Q
UALIFIED AUTOMOBILE .
(i) IN GENERAL.
The term ‘qualified automobile’ means an automobile22
(within the mean of section 2 of the Auto-23
mobile Information Disclosure Act (1524
U.S.C. 1231)) which is made by a manu-25
(c) DEDUCTION ALLOWED ABOVE -THE -LINE.
Section 62(a) of the Internal Revenue Code of 1986 is amended by inserting after paragraph (21) the following new17
paragraph:
‘‘(22) In the case of a taxpayer other than a19
corporation, so much of the deduction allowed under20
section 163 which is attributable to qualified auto-21
mobile interest (as defined in section 163(h)(5)).’’.22
EFFECTIVE DATE.
The amendments made by this section shall apply to amounts paid or accrued on in-24
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ssavage on LAPJG3WLY3PROD with BILLSPrompt: 24 the date of the enactment1
of this Act.2
DIRECT LINK TO BILL.
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