How will the new tax deductions on auto loans work?

How will the new tax deductions on auto loans work?

If you are planning to take out an auto loan to purchase a car, you now may get a tax break thanks to President Trump's recently passed tax cut law. One of the many provisions introduced under the wide-ranging One Big Beautiful Bill Act is a tax deduction on auto loan interest.However, eligibility for this tax break is contingent upon meeting narrow criteria — only new cars assembled in the U.S. qualify for the credit. And while the deduction wi…