Treasury, IRS provide guidance on the new deduction for car loan interest under the One, Big, Beautiful Bill
IR-2025-129, Dec. 31, 2025 WASHINGTON — The Department of the Treasury and the Internal Revenue Service today provided guidance on the “No Tax on Car Loan Interest” provision enacted under the One, Big, Beautiful Bill. The proposed regulations issued today relate to a new deduction for interest paid on vehicle loans incurred after Dec. 31, 2024, to purchase new made-in-America vehicles for personal use. This new tax benefit applies to both taxpayers who take the standard ded
Effective January 1, 2026, Fairfax County will begin levying a tax on the purchase of all prepared food and beverages sold as a meal.
The Food and Beverage Tax is 4% of the total cost of food and beverages sold by restaurants, caterers, or other designated establishments defined as a restaurant in the Code of Virginia § 35.1-1 . The tax is imposed on food and beverages sold as meals by a restaurant, caterer, or other designated establishment within Fairfax County. However, the tax does not apply to food establishments situated in the Towns of Clifton, Herndon, or Vienna, or in the Cities of Fairfax, or Fal