Passenger Vehicle Loan Interest Deduction – Transition Relief for 2025 (Section 70203)

Illinois — state programSee program

IRS provides transitional relief for tax year 2025 for lenders and other recipients of qualified interest who must file information returns and provide statements to borrowers showing total interest received on qualified passenger vehicle loans. Lenders and payors should refer to Notice 2025-57 for how 2025 reporting rules apply.

Program details

Type: other
Eligibility: Lenders and other payors of qualified passenger vehicle loans for tax year 2025
Status: open
Administrator: IRS
More Info: https://www.irs.gov/newsroom/one-big-beautiful-bill-provisions

Source: Illinois — state program. Confirm current terms with the administering agency before applying.

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