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Author proposes deduction for interest on personal vehicle loans; committee questions fiscal cost
2665765 · March 17, 2025
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Summary
AB 490 would allow a deduction for interest paid on qualified personal vehicle loans; the California Tax Reform Association opposed reintroducing consumer interest deductibility and the Franchise Tax Board estimated a large fiscal cost; the committee referred the bill to the suspense file.
Assemblymember Kevin Tangipa presented AB 490 to allow a personal income tax deduction for interest paid on qualified personal vehicle loans, saying the measure would ease the burden of rising auto costs and help Californians who depend on…
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