New
collection (Request for a new OMB Control Number)
No
Emergency
10/21/2025
10/20/2025
Requested
Previously Approved
6 Months From Approved
8,000,000
0
2,000,000
0
0
0
IRS Section 6050AA requires
information reporting with respect to interest received on a
specified passenger vehicle loan. Recipients of this interest are
required to file an information return to the IRS and furnish a
statement to individuals who pay or accrue the interest during a
calendar year. The reporting requirements of section 6050AA allow
the IRS to verify recipients’ compliance with the information
reporting rules and to verify that individuals deduct the proper
amount of interest on their tax return.
The Department of the
Treasury and the Internal Revenue Service (IRS) are requesting a
new OMB Control Number 1545-NEW, Vehicle Loan Interest Statement,
under emergency procedures in connection with provisions of section
70203 of Public Law 119-21, 139 Stat. 72, 176 (July 4, 2025),
commonly known as the One, Big, Beautiful Bill Act (OBBBA). Section
163(h)(4) allows a deduction for qualified passenger vehicle loan
interest. Section 6050AA requires information reporting with
respect to interest received on a specified passenger vehicle loan.
Recipients of this interest are required to file an information
return to the IRS and furnish a statement to individuals who pay or
accrue the interest during a calendar year. For interest received
on a specified passenger vehicle loan in 2025, the information
return must be filed on or before February 28, 2026 (March 31,
2026, if filed electronically), and the written statement must be
furnished on or before January 31, 2026. Notice 2025-57 sets forth
that the recipient of such interest will be deemed to have
satisfied the reporting obligations under §6050AA for interest
received on a specified passenger vehicle loan in 2025 if the
recipient makes a statement available to the individual indicating
the total amount of interest received in calendar year 2025 on a
specified passenger vehicle loan. If the interest recipient
satisfies this requirement, the IRS will not impose penalties under
§§6721 and 6722 for a failure to file information returns and
furnish payee statements under §6050AA with respect to interest
received in 2025. The OBBBA was signed into law on July 4, 2025,
and §163(h)(4), as amended, and new §6050AA apply to indebtedness
incurred after December 31, 2024. Accordingly, recipients of
interest have an immediate need for guidance about their
information reporting obligations. The IRS needs to publish Notice
2025-57 as soon as possible, so that recipients of specified
passenger vehicle loan interest can make the necessary changes to
their systems to comply with their new reporting responsibilities
under §6050AA for interest received in 2025. In addition,
individuals need information on how much interest they paid or
accrued in 2025 in order to claim the deduction allowable under
§163(h)(4) on their individual income tax returns for taxable year
2025. Following normal Paperwork Reduction Act clearance procedures
would thus result in harm to recipients of specified passenger
vehicle loan interest who would be unable to timely make the
necessary changes to their systems to comply with their new
reporting responsibilities for interest received in 2025.
Therefore, due to the extraordinary circumstances and statutory
deadlines for implementing §6050AA, the Treasury and IRS request
emergency processing of this information collection request by
October 21, 2025 and approval for 180 days. Given the inability to
seek public comment during such a short timeframe, IRS also
respectfully requests a waiver from the requirement to publish a
notice in the Federal Register seeking public comment during the
period of Office of Management and Budget review. However, public
comment will be solicited in conjunction with the subsequent
extension of the approval to collect this information on the new
Vehicle Loan Interest Statement which is being developed for this
purpose in future years. The Treasury Department consulted with
multiple stakeholder groups, including the National Automobile
Dealers Association and the American Financial Services
Association, in order to understand their operations so as to be
able to minimize the burden of the collection of information. The
Treasury Department also consulted with other interested agencies,
including NHTSA, DOT, and IRS, in order to help streamline the
process and make it easier for affected parties to comply with
their reporting obligations.
US Code:
26
USC 6050AA Name of Law: Returns relating to applicable
passenger vehicle loan interest received in trade or business from
in
US Code: 26 USC 6050AA Name of Law: Returns
relating to applicable passenger vehicle loan interest received in
trade or business from in
PL: Pub.L. 119 - 21 70203 Name of Law: One, Big, Beautiful Bill
Act
This is a new paperwork burden
approval. Based on the new statute (IRC section 6050AA), the burden
for this collection of information is 8,000,000 responses and
2,000,000 hours for the total burden.
$0
No
No
No
No
No
No
No
Jessica Chase 202
317-5224
No
On behalf of this Federal agency, I certify that
the collection of information encompassed by this request complies
with 5 CFR 1320.9 and the related provisions of 5 CFR
1320.8(b)(3).
The following is a summary of the topics, regarding
the proposed collection of information, that the certification
covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a
benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control
number;
If you are unable to certify compliance with any of
these provisions, identify the item by leaving the box unchecked
and explain the reason in the Supporting Statement.
Treasury EE Justification - Notice 2025-57.docx
Information Returns for Vehicle Loan Interest