Republican U.S. Representative Bill Huizenga of Holland introduced the “Made in America Motors Act,” which would make interest deductible for loans on American-made cars.
“That goes across all the badges. It’s not just domestic vehicles. It is foreign badges as long as that final assembly is here in the United States.”
Huizenga says it makes good on a campaign promise by President Trump and gives people a financial incentive to buy American, which in turn supports good-paying automotive jobs in Michigan and across the nation.
“We know what a rich history we have here in Michigan in this industry and it’s been tough to watch leak away and we want to recapture that.”
The Made in America Motors Act would allow tax deductions of up to $2,500 a year for interest paid on auto loans even if taxpayers take the standard deduction.
The full text of the Made in America Motors Act is available here.
