NEW ORLEANS (WVUE) – The federal government has launched a new program allowing vehicle buyers to reduce their taxes, with potential savings of up to $10,000.
The initiative is part of the “No Tax on Car Loan Interest” provision included in the recently signed “Big Beautiful” federal bill. The U.S. Treasury Department and the IRS announced the program as a way to help Americans save money when purchasing new vehicles made in the United States.
According to the IRS, eligible vehicles include SUVs, vans, pickups and motorcycles manufactured in the U.S.
The deduction applies to tax years beginning December 31, 2024, and ending before January 1, 2029.
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