New made-in-USA cars qualify for Trump tax perk, IRS says
The Detroit News••business
Key Points:
- Taxpayers who purchase new cars assembled in the United States from 2025 through 2028 may qualify for a new tax deduction on car loan interest, according to IRS guidance.
- Eligibility depends on the vehicle's final assembly location, which buyers can verify via the vehicle information label or by checking the VIN in the National Highway Traffic Safety Administration’s database.
- Of the 25 most popular new car models sold in 2024, 14 were assembled in the U.S., meaning a significant portion of buyers could benefit from the deduction if it had been in effect then.
- The tax break, promoted by former President Donald Trump, aims to support domestic auto production and consumption, with estimated costs of $31 billion over 10 years and
