Bill lets people deduct boat loan interest on taxes.

What it does

The bill lets taxpayers subtract interest paid on boat loans from their taxes. The boats must be built in the U.S. People must report their boat's hull identification number on their tax return. The deduction applies to loans for money borrowed after December 31, 2025.

Who it affects

Wealthy people who own recreational boats can use this deduction. Boat makers, boat sellers, and companies that lend money for boats may benefit.

One thing to notice

The bill requires people to report their boat's hull identification number to the IRS. This gives the government new data about who owns boats.

From the analysis of the bill text, linked under Primary records below.

Where it stands

6 cosponsors: 5 Republicans, 1 Democrats.

• Jun 30, 2026 — Introduced · Congress.gov: “Introduced in House”
• Jun 30, 2026 — Referred to House Committee on Ways and Means · Congress.gov: “Referred to the House Committee on Ways and Means”

Dates and quoted wording are Congress.gov's action record; the timeline shows status changes, not every procedural step.

Words to know

• deduct — subtract an amount from your income before calculating taxes owed.
• hull identification number — a unique code that identifies a specific boat, like a serial number.
• recreational boats — motorboats used for fun and leisure, not for work or business.