Personal Income Tax Law: deduction from gross income: car loan interest payments.

Summary

The bill adds a new deduction for interest paid on a qualified motor‑vehicle loan, usable for tax years beginning in 2026 through 2030. It applies to individual taxpayers with a personal‑use vehicle loan and is limited to one loan per person. The deduction is intended to help families afford the cost of a car.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

Hearings

• Revenue and Taxation Committee Hearing
  Revenue and Taxation · May 5, 2025
• Revenue and Taxation Committee Hearing
  Revenue and Taxation · Mar 17, 2025

History

1. Feb 2, 2026From committee: Filed with the Chief Clerk pursuant to Joint Rule 56.
2. Jan 31, 2026Died pursuant to Art. IV, Sec. 10(c) of the Constitution.
3. May 5, 2025In committee: Set, second hearing. Held under submission.
4. Mar 17, 2025In committee: Set, first hearing. Referred to REV. & TAX. suspense file.
5. Feb 24, 2025Referred to Com. on REV. & TAX.
6. Feb 11, 2025From printer. May be heard in committee March 13.
7. Feb 10, 2025Read first time. To print.

Sponsors

• Tangipa · sponsor

Bill text

Opens the legislature’s own copy.

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