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.
One of them is the new temporary income tax deduction for interest paid on loans financing the purchase of qualified passenger vehicles. The provision is only in effect for purchases made in 2025, 2026, 2027 and 2028.
The provision limits what kinds of vehicles and loans qualify. And it caps how much loan interest may be written off in a given year and by whom.
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