Congressmen Davis, Yakym Introduce Bipartisan Bill to Eliminate Taxes on Boat Loans
WASHINGTON, D.C. — Congressmen Don Davis (NC-01) and Rudy Yakym (IN-02) introduced the Boat Loan Interest Deduction Act of 2026 (H.R. 9532), bipartisan legislation that would extend the Working Families Tax Cut’s No Tax on Auto Loans provision to boats.
The bill allows Americans to deduct up to $10,000 in interest relating to loans for qualifying boats that have final assembly in the U.S. The deduction phases out for taxpayers with modified adjusted gross income over $100,000 ($200,000 for joint filers), which would lower the cost of ownership for families across the country.
“As co-chair of the Congressional Boating Caucus, I’m proud to stand with the workers, businesses, and communities that keep America’s boating industry strong. In eastern North Carolina, from the Outer Banks to the Albemarle Sound, boating is more than a pastime, it’s a way of life that supports local jobs, small businesses, and our coastal economy. That’s why I’m committed to strengthening American boatbuilding, protecting skilled manufacturing jobs, and preserving the coastal heritage that defines us,” said Congressman Don Davis.
“There’s nothing more American than loading up the family and heading out on the lake for a summer afternoon. It’s an important investment, and it should be treated like one,” Congressman Yakym said. “As the congressman representing a district that builds some of the finest boats in the country, I hear from manufacturers and families alike about what this relief would mean. This bill is simple: if you’re paying interest on a boat loan, you should be able to deduct it.”
This legislation has gained the support of several members of the boating and manufacturing industries:
“Eliminating taxes on boats is a win for American families, jobs, and manufacturing,” said Smoker Craft, Inc. “As one of the oldest family-owned and operated boat manufacturers in the country, Smoker Craft, Inc. has always focused on value and accessibility. Lowering the cost of ownership puts more people on the water, strengthens our industry, and supports the communities that depend on it. We’re grateful to Representative Rudy Yakym for his leadership in advancing this important effort.”
“On behalf of Brunswick Corporation, America’s Marine Company and the world’s largest manufacturer of recreational marine products, we applaud Congressman Rudy Yakym and Congressman Don Davis’ bipartisan bill on behalf of American consumers,” said Ryan Gwillim, Chief Financial Officer of Brunswick Corporation. “Brunswick has worked closely with Congressman Yakym and Congressman Davis to advance policies that support access to recreation and strengthen U.S. manufacturing. Boating is an important part of how many middle-class families connect with the outdoors, and America’s waterways are one of our nation’s greatest assets. This legislation helps ensure that more families can continue to participate in the boating lifestyle for years to come.”
“The bipartisan Boat Loan Interest Deduction Act recognizes recreational boating as a uniquely American industry that supports thousands of small businesses, strengthens domestic manufacturing, and creates jobs in communities across the country,” said Frank Hugelmeyer, President and CEO of NMMA. “With 95 percent of boats sold in the U.S. built here at home – and 93 percent of boat builders classified as small businesses – this commonsense legislation will help make boating more affordable and accessible for American families. As our nation celebrates its 250th anniversary, this bill will help more Americans experience the freedom and traditions of spending time on our waterways. We thank Representatives Yakym and Don Davis for their bipartisan commitment to ensuring more Americans can access and enjoy our nation’s waterways.”