There’s a new tax deduction for car loans in Trump’s ‘big, beautiful bill.’ Here’s who’s eligible—and what’s the catch

‘No Tax on Tips’ wasn’t the only tax write-off signed into law. However, auto owners can only claim this benefit on certain qualified vehicles.

While the “No Tax on Tips” provision in President Donald Trump’s One Big Beautiful Bill Act has been making headlines for its tax deductions on tips and overtime, there are plenty of other write-offs tucked into the massive 940-page bill—including one aimed at car owners financing new vehicles with loans. Now that the bill is law, here’s what to know.