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Treasury Confirms Rollout of Car Loan Tax Break for US-Assembled Cars
The deduction allows eligible taxpayers to deduct up to $10,000 annually on interest for new U.S.-assembled vehicles purchased from 2025 to 2028, supporting American workers and affordability.
- On Jan. 8, Treasury Secretary Scott Bessent announced Treasury and the IRS are issuing guidance to implement President Trump’s policy allowing a $10,000 annual auto loan interest deduction.
- The law ties the deduction to U.S.-assembled vehicles to support American workers, Bessent wrote on X, signed on July 4 as part of the One Big Beautiful Bill.
- Eligibility requires new vehicles with final assembly in the U.S., first ownership, a lien-secured loan, excluding used vehicles; deductions phase out above $100,000 for singles and $200,000 for joint filers.
- Against a backdrop of high prices, Bessent said `For millions of Americans, a car isn’t a luxury, it’s how you get to work, school, and childcare` and `This deduction helps lower monthly costs and makes car ownership more affordable`.
- The administration also paired the tax break with rolling back Corporate Average Fuel Economy standards, praised by Transportation Secretary Sean Duffy, while tariffs face a Supreme Court challenge Friday amid unclear long-term trade and manufacturing effects.
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59 Articles
Associated Press News+8 Reposted by 8 other sources
As tensions flare in Minnesota, Treasury Secretary Bessent pushes a crackdown on fraud
Treasury Secretary Scott Bessent says his agency is taking a closer look at financial transactions between Minnesotan residents and businesses and Somalia.
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Watauga Democrat+22 Reposted by 22 other sources
Treasury, IRS ramp up investigation into Minnesota fraud
(The Center Square) – The administration continues to ramp up its response to the massive social services fraud in Minnesota, with Treasury Secretary Scott Bessent enumerating steps his department is taking to prevent similar abuses going forward.
·Calhoun, United States
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Scott Bessent lowers Minnesota overseas bank transfer limits to halt ‘unchecked fraud’
Treasury Secretary Scott Bessent announced Friday that his department is tightening international bank-reporting rules for two Minnesota counties to fight what he called “egregious unchecked fraud."
·New York, United States
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Coverage Details
Total News Sources59
Leaning Left6Leaning Right17Center18Last UpdatedBias Distribution44% Center
Bias Distribution
- 44% of the sources are Center
44% Center
15%
C 44%
R 41%
Factuality
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