An Overview of the Car Loan Interest Deduction
§70203 of the One Big Beautiful Bill Act (OB3 Act) added a new deduction for qualified passenger vehicle loan interest (QPVLI) of up to $10,000 per tax year in new §163(h)(4). It does not reduce adjusted gross income (AGI), but it does reduce taxable income (i.e., a below-the-line deduction). Individuals, decedent estates, and non-grantor trusts […]