Lawmaker pushes bill allowing auto loan interest to be tax-deductible for US-made vehicles
Representative Dave Taylor (R-OH) has proposed legislation known as the U.S. Automobile Consumer Assistance and Relief Act, which aims to allow consumers to deduct auto loan interest on vehicles manufactured in the United States. This initiative is seen as a way to boost sales of American-made cars, ultimately benefiting the U.S. economy and increasing disposable income for American families. Taylor’s efforts align with those of Senator Bernie Moreno (R-OH), reflecting a broader Republican commitment to prioritize American manufacturing and jobs. The proposed legislation includes tax breaks for U.S.-based auto manufacturers to create domestic jobs and reduce vehicle prices. Taylor emphasized that this approach seeks to reverse the impact of past trade agreements that harmed the American auto industry. the push comes amid a series of tariffs imposed under the Trump administration on imported vehicles,further encouraging consumers to purchase domestically produced cars.
House Republican pushes bill allowing auto loan interest to be tax-deductible for US-made vehicles
Rep. Dave Taylor (R-OH) is working on legislation to allow consumers to get deductions on their auto loan interest if the vehicles they purchase are made in the United States.
Taylor introduced the U.S. Automobile Consumer Assistance and Relief Act to the House on Wednesday. His push mirrors that of Sen. Bernie Moreno (R-OH), an auto-dealer-turned-senator.
“Under President [Donald] Trump’s leadership, Republicans are taking tangible action to prioritize American workers and consumers,” Taylor said in a statement. “Lowering the cost of purchasing an American-made vehicle will lead to the increased sale of American-made cars, which in turn will bolster our Nation’s economy and put more money in the pockets of hard-working families.”
“I’m proud to introduce Senator Moreno’s USA CAR Act in the House of Representatives to put American manufacturing, workers, businesses, and families first,” he added.
The bills would, among other things, create tax breaks for auto manufacturers based in the U.S. in hopes that the action would generate more domestic jobs and drive down vehicle prices.
“For decades, the American auto sector has been devastated by bad trade deals and bad leaders, who shipped American manufacturing jobs overseas while flooding our market with cheap foreign cars,” Moreno said in a statement. “Thanks to President Trump, we are finally ensuring every car sold in America is made in America and that working Americans can actually afford to buy a car in the first place. I’m proud to lead the way in the Senate.”
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The push comes as Trump ordered a variety of tariffs that began April 2, including 25% tariffs “on all cars that are not made in the United States.”
Taylor is a freshman member of Congress, having been first elected to the House in 2024.
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