1. (a) This section applies to the taxable year beginning after December 31, 2025, and ending before January 1, 2027.
2. (b) A taxpayer is entitled to a deduction from the taxpayer's adjusted gross income in an amount equal to the amount associated with qualified passenger vehicle loan interest that is deducted from a taxpayer's federal adjusted gross income under Section 163 of the Internal Revenue Code and attributable to the exception under Section 163(h)(4) of the Internal Revenue Code.
3. (c) The deduction under this section shall be allowable only if the taxpayer is a resident of this state at the time the interest is paid or accrued. In the case of a married couple filing a joint return under this article, the taxpayer shall be the individual who would be treated as paying the interest if the couple were not married.
4. (d) The deduction under this section shall not be permitted against the adjusted gross income of an estate or trust.

As added by P.L.128-2026, SEC.13.