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Comment Period: Car Loan Interest Deduction

AGENCY:

Internal Revenue Service (IRS), Treasury.

ACTION:

Notice of proposed rulemaking and notice of public hearing.

SUMMARY:

The IRS has proposed the rule regarding car interest deductions for personal use vehicles for loans after 12/31/2024 until 1/1/2029, for purchased new made in America. Financial institutions would be required to furnish a written statement to the payor of interest. The document must include a statement “important tax information..” and furnished not later than January 31 of the year following when the interest was paid.

DATES:

Written or electronic comments must be received by February 2, 2026. The public hearing is being held on February 24, 2026, at 10 a.m. ET. Requests to speak and outlines of topics to be discussed at the public hearing must be received by February 2, 2026. If no outlines are received by February 2, 2026, the public hearing will be cancelled. Requests to attend the public hearing must be received by 5 p.m. ET on February 20, 2026.

https://www.federalregister.gov/documents/2026/01/02/2025-24154/car-loan-interest-deduction

  • February 2, 2026
  • Time: All Day
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