H.R. 3450 — To amend the Internal Revenue Code of 1986 to provide for special rules allowing taxpayers to deduct qualified passenger vehicle loan interest paid or accrued during the taxable year on certain indebtedness, and for other purposes.

H.R. 3450 — To amend the Internal Revenue Code of 1986 to provide for special rules allowing taxpayers to deduct qualified passenger vehicle loan interest paid or accrued during the taxable year on certain indebtedness, and for other purposes. | JustPolicyThe purpose of this legislation is to amend the tax code to allow taxpayers to deduct interest paid on loans for personal vehicles. This change aims to provide financial relief to individuals who take out loans to purchase passenger vehicles for personal use. The new rules will apply for a limited time, specifically for loans taken out between 2024 and 2028. Key provisions of the legislation include the following: 1.