Made-in-USA Cars Granted Trump Tax Break in IRS Deduction Guidance

A deduction of up to $10,000 is available for vehicles that undergo final assembly in the United States.

The Internal Revenue Service (IRS) building in Washington on March 25, 2024. Madalina Vasiliu/The Epoch Times

The Internal Revenue Service (IRS) and the Department of the Treasury issued guidance on Wednesday regarding the deduction for car loan interest payments made by taxpayers.

A statement from the IRS said that the One Big Beautiful Bill Act, signed into law by President Donald Trump in July, includes a provision regarding auto loan interest paid by car owners.