Important Tax Information Regarding Personal Vehicle Loans

Recent federal legislation (commonly referred to as the “Big Beautiful Bill”) may allow eligible taxpayers to deduct interest paid on certain personal vehicle loans.

Eligibility for this deduction is determined by the IRS and depends on individual tax circumstances, including but not limited to income level, vehicle type, loan purpose, and applicable IRS requirements.

Dominion Energy Credit Union does not provide tax advice. Members are encouraged to consult a qualified tax professional or the IRS to determine whether they qualify for this deduction.

For eligible loans, the credit union will report interest paid as required by law and will provide applicable year-end tax reporting documents when required.