,i  #aaith ,,congress  #b;d ,session    
,h4 ,r4 #iecg  ,,in ,,the ,,house ,,of  
,,representatives  ,june #cj1 #bjbf ,mr4
 ,yakym 7for himself and ,mr4 ,davis of 
,north ,carolina7 introduced the        
following bill2 which was referred to   
the ,committee on ,ways and ,means  ,a  
,,bill  ,to amend the ,internal ,revenue
 ,code of #aihf to allow a deduction for
 loan interest payments made with       
respect to certain watercraft4  #a4     
,short title ,this ,act may be cited as 
the ,boat ,loan ,interest ,deduction    
,act of #bjbf4  #b4 ,qualified passenger
 vehicles include certain watercraft for
 purposes of deduction for interest paid
 or accrued  7a7 ,in general ,section   
#afc7;h77#d77;,d7 of the ,internal      
,revenue ,code of #aihf is amended to   
read as follows3  7,d7 ,applicable      
passenger vehicle ,for purposes of this 
paragraph-- 7i7 ,in general ,the term   
applicable passenger vehicle means an   
applicable motor vehicle or an          
applicable watercraft4  7ii7 ,applicable

 motor vehicle ,the term applicable     
motor vehicle means any vehicle-- 7,i7  
the original use of which commences with
 the taxpayer1  7,,ii7 which is         
manufactured primarily for use on public
 streets1 roads1 and highways 7not      
including a vehicle operated exclusively
 on a rail or rails71  7,,iii7 which has
 at least #b wheels1  7,,iv7 which is a 
car1 minivan1 van1 sport utility        
vehicle1 pickup truck1 or motorcycle1   
7,v7 which is treated as a motor vehicle
 for purposes of title ,,ii of the      
,clean ,air ,act1 and  7,,vi7 which has 
a gross vehicle weight rating of less   
than #ad1jjj pounds4  ,such term shall  
not include any vehicle the final       
assembly of which did not occur within  
the ,united ,states4  7iii7 ,applicable 
watercraft ,the term applicable         
watercraft means a watercraft--  7,i7   
the original use of which commences with
 the taxpayer1  7,,ii7 which is a       
recreational vessel 7as defined in      
section #baja of title #df1 ,united     

,states ,code71 and  7,,iii7 which is a 
motorboat 7as defined in section        
#ij4aj-bc of title #df1 ,code of        
,federal ,regulations1 as in effect on  
the date of the enactment of this       
subparagraph74  ,such term shall not    
include any watercraft the final        
assembly of which did not occur in the  
,united ,states4  4  7b7 ,conforming    
amendments ,such ,code is further       
amended--  7#a7 in section              
#afc7;h77#d77;,b77iii7-- 7,a7 by        
striking ,,vin in the heading and       
inserting ,identification number1 and   
7,b7 by striking the vehicle            
identification number of the applicable 
passenger vehicle described in clause   
7i7 on the return of tax for the taxable
 year4 and inserting on the return of   
tax for the taxable year--  7,i7 the    
vehicle identification number in the    
case of an applicable motor vehicle1 or 
7,j7 the hull identification number in  
the case of an applicable watercraft4  1
 and  7#b7 in section                   

#fjej;,,aa7b77#b77;,e71 by striking     
vehicle identification number and       
inserting vehicle or hull identification
 number4  7c7 ,effective date ,the      
amendments made by this section shall   
apply to indebtedness incurred after    
,december #ca1 #bjbe4