H.R. 3191

119 HR 3191 IH: Made in America Motors Act
 U.S. House of Representatives
 2025-05-05
 text/xml
 EN
 Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.
 I  119th CONGRESS  1st Session  H. R. 3191  IN THE HOUSE OF REPRESENTATIVES   May 5, 2025   Mr. Huizenga  introduced the following bill; which was referred to the  Committee on Ways and Means    A BILL
To amend the Internal Revenue Code of 1986 to allow an above-the-line deduction for qualified motor vehicle interest, and for other purposes.
1.
Short title
This Act may be cited as the   Made in America Motors Act  .
2.
Deduction for qualified motor vehicle interest
(a)
In general
Part VII of subchapter B of  chapter 1  of the Internal Revenue Code of 1986 is amended by redesignating section 224 as section 225 and by inserting after section 223 the following new section:
224.
Deduction for motor vehicle interest
(a)
Allowance of deduction
In the case of an individual, there shall be allowed as a deduction an amount equal to the interest paid by the taxpayer during the taxable year on any qualified motor vehicle interest.
(b)
Maximum deduction
The amount allowed as a deduction under subsection (a) shall not exceed $2,500.
(c)
Denial of double benefit
No deduction shall be allowed under this section for any interest with respect to which a deduction is allowable under any other provision of this chapter.
(d)
Qualified motor vehicle interest
For purposes of this section, the term  qualified motor vehicle interest  means any indebtedness—
(1)
incurred on or after January 1, 2025,
(2)
incurred in acquiring a qualified motor vehicle, and
(3)
secured by such motor vehicle.
(e)
Qualified motor vehicle
For purposes of this section, the term ‘qualified motor vehicle’ means—
(1)
any vehicle which is manufactured primarily for use on public streets, roads, and highways (not including a vehicle operated exclusively on a rail or rails) and which has at least 4 wheels,
(2)
which has a gross vehicle weight rating of less than 14,000 pounds,
(3)
which is made by a manufacturer (within the meaning given the term in section 102 of the National Traffic and Motor Vehicle Safety Act ( 49 U.S.C. 30102 )), and
(4)
the final assembly of which occurs within the United States.
(f)
Final assembly
For purposes of subsection (d), the term ‘final assembly’ means the process by which a manufacturer produces a motor vehicle at, or through the use of, a plant, factory, or other place from which the motor vehicle is delivered to a dealer with all component parts necessary for the mechanical operation of the motor vehicle included with the motor vehicle, whether or not the component parts are permanently installed in or on the motor vehicle.
 .
(b)
Deduction allowed whether or not individual itemizes other deductions
Section 62(a) of such Code is amended by inserting after paragraph (21) the following new paragraph:
(22)
Motor vehicle interest
The deduction allowed by section 224.
 .
(c)
Clerical amendment
The table of sections for part VII of subchapter B of chapter 1 of such Code is amended by redesignating the item relating to section 224 as an item relating to section 225 and by inserting after the item relating to section 223 the following new item:
Sec. 224. Deduction for motor vehicle interest.
  .
(d)
Effective date
The amendments made by this section shall apply to taxable years beginning after December 31, 2025.