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AB-490 • 2026

Personal Income Tax Law: deduction from gross income: car loan interest payments.

Personal Income Tax Law: deduction from gross income: car loan interest payments.

Taxes
Active

The official status still shows this bill as active or still awaiting another formal step.

Sponsor
Tangipa
Last action
Official status
Assembly - Died - Revenue and Taxation
Effective date
Not listed

Plain English Breakdown

Using official source text because the generated explanation was unavailable or could not be confirmed against the official bill text.

Personal Income Tax Law: deduction from gross income: car loan interest payments.

AB 490, as introduced, Tangipa.

What This Bill Does

  • AB 490, as introduced, Tangipa.
  • Personal Income Tax Law: deduction from gross income: car loan interest payments.
  • The Personal Income Tax Law, in modified conformity with federal income tax laws, allows various deductions from gross income in calculating adjusted gross income.
  • This bill, for taxable years beginning on or after January 1, 2026, and before January 1, 2031, would allow a deduction from adjusted gross income for an amount equal to the interest paid on a qualified motor vehicle loan, as defined.

Limits and Unknowns

  • This entry is temporarily using official source text because the generated explanation could not be confirmed against the official bill text during the last sync.

Bill History

  1. California Legislative Information

    Assembly - Died - Revenue and Taxation

Official Summary Text

Personal Income Tax Law: deduction from gross income: car loan interest payments.