New Federal Auto Tax Deduction for Ford Buyers | McHenry, IL
If you're in the market for a new Ford vehicle, now is a great time to make your next move. As of July 4th, 2025, the “One Big Beautiful Bill Act” was signed into law, giving prospective automotive buyers some incentives to purchase specific vehicles. Learn more about what this new bill does for you with this in-depth look created by the team at Buss Ford in McHenry, IL, and visit our finance center for more information. If you have any questions, feel free to reach out to us online or over the phone at (815) 385-2000.
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What Is the New Federal Auto Tax Deduction?
The "One Big Beautiful Bill Act" specifically applies to new vehicles assembled in the United States and allows you to deduct your car loan’s interest from your Federal taxes, up to a maximum of $10,000. There are several stipulations and restrictions to keep in mind, including an income cap and limits on what type of vehicles apply. Talk to a tax professional for more details and how you might qualify for this program.
Which Ford Vehicles Qualify for the Deduction?
In order to qualify for the tax deduction, your vehicle and loan must fit certain criteria. The vehicle must be a personal use car, minivan, van, SUV, pickup truck, or motorcycle and have a gross vehicle weight rating of less than 14,000 pounds. It must also have undergone final assembly in the United States. The load used for that vehicle must have been taken after December 31st, 2024. This program is expected to last until 2028. Most Ford vehicles will be eligible, but you must reach out to our dealership in order to find out if a vehicle qualifies.
Can You Deduct Auto Loan Interest on a Ford Vehicle?
Many Ford vehicles undergo final assembly in the United States, including many of their most popular models, and therefore could qualify for the tax deduction.
How to Claim the Deduction on Your Taxes
Find out if you’re eligible for the "One Big Beautiful Bill Act" auto loan and tax savings by speaking with a tax professional. It’s important to always keep proper documentation on loan amounts, interest paid, and other tax information.
Get Help with Financing & Tax Savings at Buss Ford
The financial experts here at Buss Ford are ready to walk with you through every step of the vehicle-buying process! We can help you take advantage of this new program, saving you money and getting you the new Ford vehicle of your dreams. Be sure to reach out to us online or over the phone at (815) 385-2000 with any questions, whether it’s regarding the financing process or about qualifying vehicles.