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US HB7222
Bill
Status
1/22/2026
Primary Sponsor
Nancy Mace
Click for details
AI Summary
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Amends Internal Revenue Code Section 163(h)(4)(D) to allow taxpayers to deduct interest paid on loans for qualifying watercraft, similar to the existing deduction for motor vehicle loan interest
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Qualifying watercraft must be new (original use commences with taxpayer), classified as a recreational vessel under 46 U.S.C. Section 2101, be a motorboat, and have final assembly in the United States
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Requires taxpayers to report the hull identification number on their tax return when claiming the watercraft interest deduction
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Applies to boat loan indebtedness incurred after December 31, 2024
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Introduced January 22, 2026 by Rep. Mace and referred to the House Ways and Means Committee
Legislative Description
No Tax on Boat Loan Interest Act of 2026
Taxation
Last Action
Referred to the House Committee on Ways and Means.
1/22/2026