A new federal tax deduction tied to auto loans could reduce costs for buyers, according to an analysis by Anderson Economic Group.
The provision, included in the One Big Beautiful Bill Act, allows eligible taxpayers to deduct up to $10,000 in interest paid on loans used to purchase a new passenger vehicle.
According to the Anderson Economic Group, the deduction applies to loans originated between 2025 and 2028 and is available even to taxpayers who do not itemize deductions.
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