USA CAR Act

This bill creates a new federal tax deduction for interest paid on loans used to buy new cars assembled in the U.S. It applies only to loans taken out on or after January 1, 2025, for vehicles manufactured with final assembly occurring within the United States. The deduction covers interest on qualifying auto loans but excludes foreign-made vehicles and loans taken out before 2025. It directly affects taxpayers purchasing eligible new U.S.-assembled cars after 2025.