Credit union auto lending advisors may face a wave of conflicting tax deduction questions in the coming months. The sweeping taxation and funding bill making its way through the U.S. Congress contains a provision allowing a tax deduction on up to $10,000 in auto loan interest a year for the next few years, a break that could save many Americans hundreds of dollars. However, the tax break isn’t available for the purchase of used cars. The same bill eliminates a $7,500 tax credit for the purchase or lease of electric cars and trucks.
