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President Donald Trump rolled out the idea for a new tax break on car loans during a 2024 campaign stop in Detroit. Here's how the new law works.
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The new tax law signed by President Donald Trump creates a federal tax deduction for interest on auto loans. Starting this ...
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(CNN) — President Donald Trump’s mega tax-and-spending cuts bill, signed into law last week, contains plenty of new tax provisions, the contours of which Americans are still digesting.
Michigan's James Benson joined the president, who announced tax deductions on car loan interest for American-made vehicles as part of the "big, beautiful bill" event Thursday.
The bill makes a few changes to car-related policies, one of which is the tax break on loan interest for American-made cars.
Senate Republicans proposed a tax deduction for car loan interest. But it might exclude used-car buyers, tax experts said.