To amend the Internal Revenue Code of 1986 to allow an above-the-line deduction against individual income tax for interest on indebtedness and for State and local sales and excise taxes with respect…
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Amends the Internal Revenue Code to allow individual taxpayers a deduction from gross income for: (1) interest paid on indebtedness (up to $49,500) incurred after November 12, 2008, and before January 1, 2010, for the purchase of a motor vehicle (i.e., passenger automobile or light truck) with a gross vehicle weight rating of not more than 8,500 pounds; and (2) state and local sales and excise taxes imposed on the purchase of such a motor vehicle.
Referred to the House Committee on Ways and Means.
- Introduced in House Formatted Text PDF Formatted XML
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U.S. Congress. (2026). H.R. 159: To amend the Internal Revenue Code of 1986 to allow an above-the-line deduction against individual income tax for interest on indebtedness and for State and local sales and excise taxes with respect to the purchase of certain motor vehicles.. 111th Congress. Open America. https://openamerica.io/bill/111-HR-159/
"H.R. 159: To amend the Internal Revenue Code of 1986 to allow an above-the-line deduction against individual income tax for interest on indebtedness and for State and local sales and excise taxes with respect to the purchase of certain motor vehicles.." 111th Congress, 2026, Open America, https://openamerica.io/bill/111-HR-159/.
H.R. 159, 111th Cong. (2026), https://openamerica.io/bill/111-HR-159/.
[H.R. 159: To amend the Internal Revenue Code of 1986 to allow an above-the-line deduction against individual income tax for interest on indebtedness and for State and local sales and excise taxes with respect to the purchase of certain motor vehicles.](https://openamerica.io/bill/111-HR-159/)