Included in the recently signed GOP spending and tax cut plan is the USA Car Act, which provides relief from high interest rates for those who buy cars assembled in the U.S. by allowing new car buyers to deduct the interest. It’s a benefit that the measure’s sponsor, Sen. Bernie Moreno (R-OH), says is above your standard deduction.
“It applies to new American-made automobiles, and it’s retroactive to January of this year. So anybody who bought a car this year, you took out a car loan, get ready to deduct that interest next year when you file your tax returns,” Moreno said.
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