USA CAR Act
4/10/2025, 1:53 AMSummary of Bill S 1219
Bill 119 s 1219, also known as the "Qualified Automobile Interest Deduction Act," aims to make changes to the Internal Revenue Code of 1986. The main purpose of this bill is to allow individuals to deduct qualified automobile interest from their taxes.Under the current tax code, individuals are not able to deduct interest on their car loans. This bill seeks to change that by allowing taxpayers to deduct the interest they pay on loans for qualified automobiles. This deduction would apply to both new and used cars, as long as they meet certain criteria.
The bill specifies that the deduction would only apply to interest paid on loans for personal use vehicles, not for commercial or business purposes. Additionally, the loan must be secured by the vehicle itself in order to qualify for the deduction. Supporters of the bill argue that allowing this deduction would provide relief for individuals who rely on their cars for transportation, especially in areas where public transportation is limited. They also believe that it would help stimulate the economy by encouraging more people to purchase cars. Opponents of the bill, however, raise concerns about the potential cost to the government in lost tax revenue. They also argue that the deduction may primarily benefit higher-income individuals who can afford to take out loans for expensive vehicles. Overall, Bill 119 s 1219 seeks to provide a tax break for individuals who have taken out loans to purchase cars for personal use. It will be important to monitor the progress of this bill as it moves through Congress to see if it ultimately becomes law.
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Current Status of Bill S 1219
Bill S 1219 is currently in the status of Bill Introduced since April 1, 2025. Bill S 1219 was introduced during Congress 119 and was introduced to the Senate on April 1, 2025. Bill S 1219's most recent activity was Read twice and referred to the Committee on Finance. as of April 1, 2025Bipartisan Support of Bill S 1219
Total Number of Sponsors
2Democrat Sponsors
0Republican Sponsors
2Unaffiliated Sponsors
0Total Number of Cosponsors
0Democrat Cosponsors
0Republican Cosponsors
0Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill S 1219
Primary Policy Focus
Alternate Title(s) of Bill S 1219
A bill to amend the Internal Revenue Code of 1986 to allow a deduction for qualified automobile interest.A bill to amend the Internal Revenue Code of 1986 to allow a deduction for qualified automobile interest.Comments
Most relevant
Sponsors and Cosponsors of S 1219
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