There are many reasons to buy a new BMW car. Not only do these vehicles offer premier performance and luxury, but they can also give you a nice tax deduction. This guide from BMW of Catonsville is an introduction to the bill’s details and eligibility requirements. For more information, we invite you to visit us (and talk to your tax professional) to learn more. Let’s jump right in.
New Law, New Tax Benefits
When the One Big Beautiful Bill Act (OBBBA) went into effect, it did many things, and there was one component in particular that made car shoppers perk up their ears. It’s a tax deduction of up to $10,000 per year in interest on auto loans.
Supporting American Manufacturing
The main reason for the tax deduction is to support car manufacturers in America. In order for vehicle owners to qualify for this deduction, the car’s final assembly must take place in the United States. There are other stipulations as well, including that it can only be for personal (not commercial) use and have a GVWR of under 14,000 pounds.
Which BMW Models Offer a Tax Incentive?
If you are thinking about a new BMW SUV, we have great news for you: several qualify for the tax deduction. These models are eligible because their final assembly takes place in Spartanburg, South Carolina:
- BMW X3
- BMW X4
- BMW X5
- BMW X6
- BMW X7
- BMW XM
Get Financing Answers from BMW of Catonsville
Do you have any questions about BMW tax incentives? Just get in touch with BMW of Catonsville for additional details. If you are eager to buy – and claim your tax deduction when April rolls around – come check out all of the new BMW models in stock.