USA CAR Act

[AI summary unavailable — showing source text] [Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [S. 1653 Introduced in Senate (IS)] <DOC> 119th CONGRESS 1st Session S. 1653 To amend the Internal Revenue Code of 1986 to allow a deduction for qualified automobile interest. _______________________________________________________________________ IN THE SENATE OF THE UNITED STATES May 7, 2025 Mr. Moreno introduced the following bill; which was read twice and referred to the Committee on Finance _______________________________________________________________________ A BILL To amend the Internal Revenue Code of 1986 to allow a deduction for qualified automobile interest. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``United States Automobile Consumer Assistance and Relief Act'' or the ``USA CAR Act''. SEC. 2. DEDUCTION FOR QUALIFIED AUTOMOBILE INTEREST. (a) In General.--Section 163(h)(2) of the Internal Revenue Code of 1986 is amended by striking ``and'' at the end of subparagraph (E), by striking the period at the end of subparagraph (F) and inserting ``, and'', and by adding a…