President Donald Trump’s “Big, Beautiful Bill” passed today, and the bill holds mixed news for new-car buyers.
The good news is that if you buy a new, American-made* car and take out a loan, you can deduct up to $10,000 in interest from taxable income.
The bad news is that if you want an electric vehicle, the federal tax credits of up to $7,500 will go away in September, instead of 2032 as originally planned.
*What “American made” means in this context is unclear, especially since components for some new cars are build in other countries. We’d guess, if we had to, that this would apply to cars undergoing final assembly within U.S. borders.
Trump is expected to sign the bill tomorrow. We’ll have more on the bill as the news merits, but for now, if you’re an EV intender, you better get going.
[Image: Jonah Elkowitz/Shutterstock.com]
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