We want to make you aware of an important update resulting from the One, Big, Beautiful Bill Act (OBBBA), which includes the “No Tax on Car Loan Interest” provision. Under the OBBBA of 2025, interest paid on loans for American-made vehicles may be eligible for a federal tax deduction.
Please note:
- It is each member’s responsibility to verify whether their vehicle meets the eligibility requirements outlined in the One, Big, Beautiful Bill Act. You can find more information from the IRS here: https://www.irs.gov/newsroom/one-big-beautiful-bill-act-tax-deductions-for-working-americans-and-seniors
- Our Credit Union cannot determine or certify vehicle eligibility on your behalf.
- For your convenience, the total amount of interest you paid on your vehicle loan can be found on your December statement.
Please consult with a tax professional for advice.