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AB 490 would allow deduction for interest on personal vehicle loans; tax reform group warns it would favor higher‑income taxpayers
Summary
Assemblymember Tangipa proposed AB 490 to allow a state deduction for interest paid on qualified personal vehicle loans; the California Tax Reform Association opposed reinstating consumer interest deductibility and warned of disproportionate benefits for higher‑income taxpayers. The measure was referred to the committee suspense file.
Assemblymember Tangipa presented AB 490, a proposal to allow an income tax deduction for interest paid on a qualified personal vehicle loan. The author framed the proposal as relief for Californians for whom a personal vehicle is essential for work and daily life,…
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