The bill amends the Internal Revenue Code of 1986 to introduce a temporary deduction for qualified passenger vehicle loan interest. For taxable years beginning after December 31, 2024, and before January 1, 2029, this interest will no longer be considered non-deductible personal interest. This provision aims to provide tax relief for individuals financing the purchase of certain vehicles. Qualified passenger vehicle loan interest is defined as interest paid on indebtedness incurred after December 31, 2024, for the purchase of, and secured by a first lien on, an applicable passenger vehicle for personal use. Exclusions apply to loans for fleet sales, personal cash loans secured by existing vehicles, commercial vehicles, lease financing, and vehicles with salvage titles or intended for scrap. Refinanced loans are included if they do not exceed the original amount and are secured by the same vehicle. The deduction is subject to specific limitations, including a dollar limit of $10,000 per taxpayer per year. Additionally, an income-based phase-out reduces the deductible amount for taxpayers with modified adjusted gross incomes exceeding $100,000 ($200,000 for joint filers). An "applicable passenger vehicle" includes cars, SUVs, motorcycles, ATVs, trailers, and campers, but explicitly excludes any vehicle not undergoing final assembly within the United States. To ensure compliance, the bill mandates new reporting requirements for businesses. Any entity receiving $600 or more in qualified passenger vehicle loan interest from an individual in a calendar year must report this information to the IRS. Lenders must also furnish a statement to the individual borrower detailing the interest paid, outstanding principal, loan origination date, and vehicle information. This deduction is an "above-the-line" deduction, meaning it can be taken whether or not a taxpayer itemizes.