Boat Loan Interest Deduction Act of 2026
To amend the Internal Revenue Code of 1986 to allow a deduction for loan interest payments made with respect to certain watercraft.
This bill, HB9537, proposes to change tax laws by allowing people who take out loans to buy specific types of watercraft to deduct the interest they pay on those loans from their taxable income. This could potentially lower their tax bill.
This change would affect individuals and businesses that own watercraft, like boats and yachts, and take out loans to purchase them. If the bill passes, they could deduct the interest from their taxes, which might save them money.
As of June 30, 2026, the bill was introduced and referred to the House Committee on Ways and Means, which is the next step in the legislative process. This committee will review the bill, hold hearings, and decide whether to move it forward for a vote by the full House.
