You are leaving Granite Credit Union's web site to go to a site not operated by the credit union. Granite Credit Union is not responsible for the content of that web site. Granite Credit Union does not represent either the third party or the member if the two enter into a transaction. Privacy and security policies may differ from those practiced by Granite Credit Union.
On July 4, 2025, the OBBBA was signed into law, introducing a tax benefit under Section 70203 — No Tax on Car Loan Interest.
Tax Deduction:
Taxpayers may be able to deduct qualified auto loan interest per year for tax years 2025 through 2028.
Eligibility Requirements:
The interest must be paid from a loan on a new passenger vehicle used for personal purposes (used vehicles do not qualify).
Vehicle was purchased on or after January 1, 2025.
Qualifying Vehicles:
Cars, minivans, vans, SUVs, pickup trucks, and motorcycles.
Must be assembled in the United States (Vin Lookup).
Must have a gross vehicle weight rating under 14,000 pounds.
Interest Paid Information:
Borrowers who paid more than $600 during the calendar year will receive a notice/statement from the Credit Union. For 2025 this information is included on your December (year-end) monthly statement.
Consult your tax advisor or visit the IRS website “No tax on car loan interest (Section 70203)” for full eligibility guidelines.
Testing Stuff