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Boat Loan Interest Deduction Act of 2026
To amend the Internal Revenue Code of 1986 to allow a deduction for loan interest payments made with respect to certain watercraft.
Summary
- Amends the Internal Revenue Code to allow taxpayers to deduct interest paid on loans used to purchase certain watercraft, including recreational vessels and motorboats.
- Defines qualifying watercraft as recreational vessels and motorboats where original use commences with the taxpayer and which were finally assembled in the United States.
- Requires taxpayers to report the hull identification number of qualifying watercraft on their tax returns when claiming interest deductions.
- Applies to indebtedness incurred after December 31, 2025.
AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.
Sponsor (1)
- Rep. Yakym, Rudy [R-IN-2] (R-IN)
2 cosponsors
Money behind the sponsor
Top reported contributors to Rudy Yakym’s campaign committee (2024 cycle) — who funds the bill’s sponsor, not a claim about this bill. Data from FEC.
- NULL $48,900
- JAYCO $19,800
- DARYLE DODEN PERSONAL FINANCES $19,800
- KPS CAPITAL PARTNERS LP $13,200
- BRINKLEY RV $13,200
Organizations whose employees gave the most — itemized individual contributions grouped by the donor’s reported employer (FEC Schedule A). Full finance for Rudy Yakym → · Outside spending →
Actions (2)
- Jun 30, 2026 Referred to the House Committee on Ways and Means. · house
- Jun 30, 2026 Introduced in House
Similar bills (6)
Bills with similar text or summary — includes reintroductions across Congresses. Ranked by semantic similarity of the bill text (computed locally); a neutral discovery aid, not a claim the bills are duplicates.
Full text
IN THE HOUSE OF REPRESENTATIVES
June 30, 2026
Mr. Yakym (for himself and Mr. Davis of North Carolina) introduced the following bill; which was referred to the Committee on Ways and Means
A BILL
To amend the Internal Revenue Code of 1986 to allow a deduction for loan interest payments made with respect to certain watercraft.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the “Boat Loan Interest Deduction Act of 2026”.
SEC. 2. QUALIFIED PASSENGER VEHICLES INCLUDE CERTAIN WATERCRAFT FOR PURPOSES OF DEDUCTION FOR INTEREST PAID OR ACCRUED.
(a) In General.—Section 163(h)(4)(D) of the Internal Revenue Code of 1986 is amended to read as follows:
“(D) Applicable passenger vehicle.—For purposes of this paragraph—
“(i) In general.—The term ‘applicable passenger vehicle’ means an applicable motor vehicle or an applicable watercraft.
“(ii) Applicable motor vehicle.—The term ‘applicable motor vehicle’ means any vehicle—
“(I) the original use of which commences with the taxpayer,
“(II) which is manufactured primarily for use on public streets, roads, and highways (not including a vehicle operated exclusively on a rail or rails),
“(III) which has at least 2 wheels,
“(IV) which is a car, minivan, van, sport utility vehicle, pickup truck, or motorcycle,
“(V) which is treated as a motor vehicle for purposes of title II of the Clean Air Act, and
“(VI) which has a gross vehicle weight rating of less than 14,000 pounds. Such term shall not include any vehicle the final assembly of which did not occur within the United States.
“(iii) Applicable watercraft.—The term ‘applicable watercraft’ means a watercraft—
“(I) the original use of which commences with the taxpayer,
“(II) which is a recreational vessel (as defined in section 2101 of title 46, United States Code), and
“(III) which is a motorboat (as defined in section 90.10-23 of title 46, Code of Federal Regulations, as in effect on the date of the enactment of this subparagraph). Such term shall not include any watercraft the final assembly of which did not occur in the United States.”.
(b) Conforming Amendments.—Such Code is further amended—
(1) in section 163(h)(4)(B)(iii)—
(A) by striking “VIN” in the heading and inserting “Identification number”, and
(B) by striking “the vehicle identification number of the applicable passenger vehicle described in clause
(i) on the return of tax for the taxable year.” and inserting “on the return of tax for the taxable year—
“(I) the vehicle identification number in the case of an applicable motor vehicle, or
“(J) the hull identification number in the case of an applicable watercraft.”, and
(2) in section 6050AA(b)(2)(E), by striking “vehicle identification number” and inserting “vehicle or hull identification number”.
(c) Effective Date.—The amendments made by this section shall apply to indebtedness incurred after December 31, 2025. <all>
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