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Internal Revenue Code · 26 U.S.C.

§ 6050AA. Returns relating to applicable passenger vehicle loan interest received in trade or business from individuals

In force Text current through Public Law 119-121 (October 9, 2026) release point 119-121

Official text, no changes From the Office of the Law Revision Counsel, release point 119-121 (current through Public Law 119-121 (October 9, 2026)). Compare it with the official text at uscode.house.gov (external site).

Cite as 26 U.S.C. § 6050AA

At a glance

Read from the text, the source credit and the official notes. Not part of the law.

Status
In force
Added
July 4, 2025 by Pub. L. 119–21
Length
6 subsections · 472 words · about 2 min to read
Defines
1 term
Cross-references
cites 1; cited by 1 Code section and 0 other regulations
Regulations
1 issued under this section
(a) In general Any person—
(1) who is engaged in a trade or business, and
(2) who, in the course of such trade or business, receives from any individual interest aggregating $600 or more for any calendar year on a specified passenger vehicle loan,
shall make the return described in subsection (b) with respect to each individual from whom such interest was received at such time as the Secretary may provide.
(b) Form and manner of returns A return is described in this subsection if such return—
(1) is in such form as the Secretary may prescribe, and
(2) contains—
(A) the name and address of the individual from whom the interest described in subsection (a)(2) was received,
(B) the amount of such interest received for the calendar year,
(C) the amount of outstanding principal on the specified passenger vehicle loan as of the beginning of such calendar year,
(D) the date of the origination of such loan,
(E) the year, make, model, and vehicle identification number of the applicable passenger vehicle which secures such loan (or such other description of such vehicle as the Secretary may prescribe), and
(F) such other information as the Secretary may prescribe.
(c) Statements to be furnished to individuals with respect to whom information is required Every person required to make a return under subsection (a) shall furnish to each individual whose name is required to be set forth in such return a written statement showing—
(1) the name, address, and phone number of the information contact of the person required to make such return, and
(2) the information described in subparagraphs (B), (C), (D), and (E) of subsection (b)(2) with respect to such individual (and such information as is described in subsection (b)(2)(F) with respect to such individual as the Secretary may provide for purposes of this subsection).
The written statement required under the preceding sentence shall be furnished on or before January 31 of the year following the calendar year for which the return under subsection (a) was required to be made.
(d) Definitions For purposes of this section—
(1) In general

Terms used in this section which are also used in paragraph (4) of section 163(h) shall have the same meaning as when used in such paragraph.

(2) Specified passenger vehicle loan

The term “specified passenger vehicle loan” means the indebtedness described in section 163(h)(4)(B) with respect to any applicable passenger vehicle.

(e) Regulations

The Secretary shall issue such regulations or other guidance as may be necessary or appropriate to carry out the purposes of this section, including regulations or other guidance to prevent the duplicate reporting of information under this section.

(f) Applicability

No return shall be required under this section for any period to which section 163(h)(4) does not apply.

(Added Pub. L. 119–21, title VII, § 70203(c)(1), July 4, 2025, 139 Stat. 178.)

Terms defined here

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Regulations under this section

Treasury regulations (26 CFR) issued under § 6050AA

Cross-references

Computed from the citations in the text of Title 26 and 26 CFR.

This section cites 1 other section

Cited by 1 Code section

Amendment history

From the source credit and the official notes, newest first.

  1. Added by Pub. L. 119–21

Where it sits in the Code

  1. Subtitle F Procedure and Administration
  2. Chapter 61 INFORMATION AND RETURNS
  3. Subchapter A Returns and Records
  4. Part III INFORMATION RETURNS
  5. Subpart B Information Concerning Transactions With Other Persons

Nearby sections

Official notes

Show the Law Revision Counsel's notes (amendments, effective dates)

Statutory Notes and Related Subsidiaries

Effective Date

Section applicable to indebtedness incurred after Dec. 31, 2024, see section 70203(e) of Pub. L. 119–21, set out as an Effective Date of 2025 Amendment note under section 56 of this title.