This bill would allow taxpayers to deduct interest paid on boat loans from their federal income taxes, similar to the existing deduction for vehicle loan interest. Currently, only interest on loans for certain cars, trucks, and motorcycles qualifies for this tax break; the bill expands it to include recreational motorboats that are manufactured in the United States. The legislation applies to boat loans taken out after December 31, 2024, and requires borrowers to report the hull identification number of the vessel on their tax returns, just as car owners must report vehicle identification numbers. The bill affects any individual who finances a recreational motorboat and itemizes deductions on their tax return, though the exact revenue impact and number of affected taxpayers are not specified in the legislation.
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