This bill proposes to amend the Internal Revenue Code of 1986, specifically Section 163(h)(4)(D), to expand the types of assets for which personal loan interest can be deducted. The primary change is the inclusion of certain watercraft within the definition of an "applicable passenger vehicle," which previously only covered motor vehicles. This aims to provide a tax deduction for interest paid on loans used to purchase qualifying boats. To qualify, an "applicable watercraft" must be a recreational vessel and a motorboat whose original use commences with the taxpayer and whose final assembly occurred within the United States. The bill also requires a hull identification number for qualifying watercraft on tax returns, similar to motor vehicles, and these amendments apply to indebtedness incurred after December 31, 2024.