Signed into law by President Trump on July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) (H.R. 1) adds section 6050AA to the Internal Revenue Code to adopt new information reporting requirement requiring businesses receiving interest on car loans from individuals to report specified information to the IRS (presumably on a new form in the 1098 series) and to provide a written statement to the payers.  The requirement is similar to those under section 6050H for businesses receiving payments of mortgage interest.  The requirement was adopted in conjunction with a new tax deduction for up to $10,000 in interest paid on loans used for the purchase of passenger vehicles assembled in the United States.  (The deduction is subject to a phaseout for individuals with adjusted gross incomes above $100,000 ($200,000 for married filing jointly.)Continue Reading Auto Loan Interest Deduction Comes with New Information Reporting Requirement for Lenders