To fulfill Trump's campaign promise, GOP lawmakers are offering a tax deduction for car loan interest. How will it work?

A new deduction lets you write off interest on car loans for new vehicles, but eligibility rules and income limits may reduce ...

Automakers are urging customers to snap up electric vehicles before a $7,500 U.S. tax credit goes away this fall.

Buyers have until Sept. 30 to qualify for the credit now that Congress has passed the spending bill, which ends the program.

Sweeping tax and budget legislation approved by Congress on Thursday means $7,500 tax credits for buying or leasing new electric vehicles will end on September 30, as well as a $4,000 used EV credit, ...

Officials from the U.S. Department of the Treasury and IRS on Tuesday highlighted they have given more than $2 billion in incentives toward the delivery of more than 300,000 “clean” vehicles ...

IRS data indicates that only 7% of consumers who were eligible for a new clean vehicle tax credit between Jan. 1 and Oct. 1, 2024, opted to receive the credit when they filed their taxes, Allen said.

The EV tax credit is up to $7,500 for qualifying new electric vehicles and up to $4,000 for qualifying used electric vehicles purchased before September 30, 2025.