You May Be Eligible for a Tax Deduction for Up to $10,000 in Annual Interest Paid on Certain GMC Vehicles1
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Provides a tax deduction for up to $10,000 in annual interest paid on loans to acquire U.S. assembled2 qualifying vehicles for eligible consumers.
Applies whether an individual itemizes deductions or takes the standard deduction.
Consult your tax, legal, or accounting professional if you have questions. This information does not constitute tax, accounting, or legal advice.
Income limits: $100k single ($200k married filing a joint return) – phase out for next $50k and is fully-phased out for taxpayers with modified joint adjusted gross income in excess of $150k ($250k married filing a joint return).
Individuals financing only – not applicable to commercial/fleet purchases & no lease benefit.
Only applies to interest paid in tax years 2025–2028.
Must be new debt contracted after 12/31/2024.
Must be assembled in the U.S.; currently, loans for new cars qualify.