Treasury, IRS provide guidance on new regulations
WASHINGTON — The Department of the Treasury and the Internal Revenue Service provided guidance on the “No Tax on Car Loan Interest” provision enacted under the One, Big, Beautiful Bill. The proposed regulations issued today relate to a new deduction for interest paid on vehicle loans incurred after Dec. 31, 2024, to purchase new made-in-America vehicles for personal use. This new tax benefit applies to both taxpayers who take the standard deduction and those who itemize deductions. To help taxpayers take advantage of this new tax benefit, guidance addresses important ...