This bill lets people deduct interest on loans for boats, making it easier for boat owners to manage their finances. It treats boats like cars for tax deductions, which could help more people afford recreational watercraft.
If you own a boat and take out a loan, you could save money on your taxes by deducting the interest.
Who this affects
Boat owners with loans
What changes is this bill making?
1This bill allows people to deduct interest on loans for boats from their taxes.
2It defines boats as applicable watercraft for tax purposes.
3The change applies to loans taken out after December 31, 2024.
4Taxpayers must provide a hull identification number for their boat loans.
5This bill aims to treat boat loans similarly to car loans regarding tax deductions.
