Boat Loan Interest Deduction Act of 2026
Latest action: Referred to the House Committee on Ways and Means. (2026-06-30)
View the official record →In plain English
What this bill does
This bill would amend the federal tax code to let taxpayers deduct interest paid on loans used to buy certain boats, similar to an existing deduction for certain vehicles. To qualify, the boat must be new to the taxpayer, be a recreational motorboat, and have its final assembly completed in the United States. The change would apply to loan debt taken on after December 31, 2025.
Who it affects
It would most affect people who finance the purchase of new, U.S.-assembled recreational motorboats, as well as boat manufacturers and lenders who would report the needed loan information.
Key points
- Expands the existing interest deduction for 'applicable passenger vehicles' to include certain watercraft.
- Qualifying boats must be new to the taxpayer, be recreational motorboats, and be given final assembly in the United States.
- Taxpayers would report the boat's hull identification number on their tax return to claim the deduction.
- Lenders would report a vehicle or hull identification number under existing reporting rules.
- Applies to loan debt incurred after December 31, 2025.
Plain-English summary generated by AI from the official record. Neutral by design; verify against the official text linked above.
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1 · Your position
If you support this
Supporting this bill means allowing a federal income tax deduction for interest paid on loans for new, U.S.-assembled recreational motorboats.
If you oppose this
Opposing this bill means keeping current law, under which interest on boat loans is not eligible for this deduction.
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