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Provide for reconciliation pursuant to title II of H. Con. Res. 14Section 70203 › Proposal

The vehicle identification number must be on the return

To provide for reconciliation pursuant to title II of H. Con. Res. 14, section 70203, Sec. 70203. Written by .

The vehicle identification number must be on the return

The document says “shall notWho acts: Secretary of the TreasuryHow: statuteSec. 70203 in the PDF
What the document says

“Interest shall not be treated as qualified passenger vehicle loan interest under this paragraph unless the taxpayer includes the vehicle identification number of the applicable passenger vehicle described in clause (i) on the return of tax for the taxable year.”

To provide for reconciliation pursuant to title II of H. Con. Res. 14, Sec. 70203

The section provides that interest is not qualified passenger vehicle loan interest unless the taxpayer puts the vehicle identification number of the vehicle on the return for the taxable year.

What the document actually says

“Interest shall not be treated as qualified passenger vehicle loan interest under this paragraph unless the taxpayer includes the vehicle identification number of the applicable passenger vehicle described in clause (i) on the return of tax for the taxable year.”

To provide for reconciliation pursuant to title II of H. Con. Res. 14, Sec. 70203
That sentence, in plain words

The interest does not count unless one number is on the return. That is the number stamped on the car.

What this is about

Every car carries such a number. Leaving it off means no break. It must go on the return each year.

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