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No Tax on Boat Loan Interest Act of 2026

H.R. 7222 Rep. Nancy Mace (R-SC-1) In committee
Bill text PDF
  1. Introduced Jan 22
  2. Committee Jan 22
  3. Passed House Next
  4. Passed Senate Not yet
  5. To President Not yet
  6. Law Not yet
Where it stands
In committee, Jan 22, 2026Next: House vote
279d ago Jan 22, 2026: Referred to the House Committee on Ways and Means.
Final votes
No roll callsNo recorded vote on this bill yet
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Summary

This bill amends the Internal Revenue Code to allow taxpayers to deduct interest on loans for boats, treating them similarly to motor vehicles for personal loan interest deduction purposes. Sec. 2, No tax on boat interest: This section expands the definition of 'applicable passenger vehicle' to include both motor vehicles and watercraft. For watercraft, it must be a recreational vessel that is a motorboat, with original use starting with the taxpayer and final assembly in the United States. It also requires reporting the hull identification number for watercraft on tax returns, similar to vehicle identification numbers for motor vehicles. The changes apply to loans incurred after December 31, 2024.

Summary of the bill text as introduced in House (Jan 22, 2026), generated by SecBot from the official bill text; the Library of Congress summary is not yet published.

Official record from Congress.gov, the House Clerk and the Senate; lobbying from Lobbying Disclosure Act filings. Updated Oct 28, 2026.