USA CAR Act

HR 3570, the USA CAR Act, would create a new tax deduction for interest paid on auto loans for vehicles assembled in the U.S. It directly affects individual taxpayers who finance qualifying vehicles after January 1, 2025. The bill adds a new "qualified automobile interest" category to the tax code, allowing taxpayers to deduct interest on loans used to buy cars made by manufacturers with final assembly occurring in the United States. This deduction applies only to loans taken out on or after the bill's enactment date for vehicles meeting specific U.S. assembly requirements.