WASHINGTON –Today, Senator Bernie Moreno (R-Ohio) released his six-point plan for the auto sector in the Senate’s reconciliation bill:
- Inclusion of Moreno’s USA Car Act, which allows Americans to write off interest on auto loans for U.S.-made cars but limits the auto loan interest deduction to only new personal-use passenger vehicles.
- End all electric vehicle tax subsidies by September 30, 2025, rather than by the end of 2025.
- Raise the annual fee on electric vehicles to $500 and hybrid vehicles to $250, rather than $250 and $100.
- Levy a 50% tariff on tire imports, excluding those included under USMCA, to support American-made tires and prevent dangerous tire imports from China.
- Remove all Corporate Average Fuel Economy (CAFE) fines.
- Lower the federal excise tax (FET) on trucks from 12% to 2%.
“Owning a car has always been a cornerstone of the American Dream and, right now, the Republican Party has a once-in-a-generation opportunity to make that dream affordable for the average American again,” said Moreno. We cannot waste this chance to enact President Trump’s vision of eliminating interest on auto loans, scrapping Joe Biden’s EV mandate, and promoting American industry. Let’s make it happen.
To read more about Senator Bernie Moreno’s plan, visit HERE.