As Treasury Secretary Scott Bessent announced last year, taxpayers will receive “very large refunds,” in his own words, ...

The 'One Big Beautiful Bill Act' (OBBB), part of Donald Trump's proposed tax agenda, introduces a significant opportunity for car owners. The Senate's version of this bill, released by the Senate ...

Millions of car buyers in the U.S. could soon get some tax relief thanks to a provision in the so-called "big, beautiful bill" that was signed into law on July 4 by President Trump. The idea of giving ...

Elizabeth Guevara is a personal finance reporter who explains the world of business and economics and how it impacts your finances. She joined Investopedia in 2024. Investopedia / Photo Composite by ...

Trump's tax cut and spending package includes a deduction of up to $10,000 for interest paid on the car loans. To qualify for the tax deductions, vehicles must meet several conditions, including final ...

President Donald Trump’s “One Big Beautiful Bill,” which he signed on July 4, 2025, included some welcomed relief for eligible new car buyers, who are facing high purchase prices and interest rates.

Beginning on 2025 tax returns, new car buyers might qualify for an above-the-line deduction of up to $10,000 in car loan interest in a year. Taxpayers will not be able to deduct interest on loans ...

But the benefits of the deduction, estimated to cost $31 billion over four years, may be limited to a narrow slice of consumers, economists say. By Alicia Chen On Tuesday, the Senate passed the ...

Elizabeth Guevara is a personal finance reporter who explains the world of business and economics and how it impacts your finances. She joined Investopedia in 2024. Investopedia / Photo Illustration ...