View Information Collection Request (ICR) Package
Skip to main content
An official website of the United States government
The .gov means it's official.
Federal government websites often end in .gov or .mil. Before sharing sensitive information, make sure you're on a federal government site.
The site is secure.
The https:// ensures that you are connecting to the official website and that any information you provide is encrypted and transmitted securely.
Search:
Agenda
Reg Review
ICR
This script is used to control the display of information in this page.
Display additional information by clicking on the following:
All
Brief and OIRA conclusion
Abstract/Justification
Legal Statutes
Rulemaking
FR Notices/Comments
IC List
Burden
Misc.
Common Form Info.
Certification
View Information Collection (IC) List
View Supporting Statement and Other Documents
Please note that the OMB number and expiration date may not have been determined when this Information Collection Request and associated Information Collection forms were submitted to OMB. The approved OMB number and expiration date may be found by clicking on the Notice of Action link below.
View ICR - OIRA Conclusion
OMB Control No:
1545-2334
ICR Reference No:
202510-1545-002
Status:
Active
Previous ICR Reference No:
Agency/Subagency:
TREAS/IRS
Agency Tracking No:
Title:
Vehicle Loan Interest
Type of Information Collection:
New collection (Request for a new OMB Control Number)
Common Form ICR:
No
Type of Review Request:
Emergency
Approval Requested By:
10/21/2025
OIRA Conclusion Action:
Approved without change
Conclusion Date:
10/21/2025
Retrieve Notice of Action (NOA)
Date Received in OIRA:
10/20/2025
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
03/31/2026
6 Months From Approved
Responses
8,000,000
0
0
Time Burden (Hours)
2,000,000
0
0
Cost Burden (Dollars)
0
0
0
Abstract:
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.
Emergency Justfication:
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.
Authorizing Statute(s):
US Code:
26 USC 6050AA
Name of Law: Returns relating to applicable passenger vehicle loan interest received in trade or business from in
Citations for New Statutory Requirements:
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
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
Not associated with rulemaking
Federal Register Notices & Comments
Did the Agency receive public comments on this ICR?
No
Number of Information Collection (IC) in this ICR:
1
IC Title
Form No.
Form Name
Information Returns for Vehicle Loan Interest
ICR Summary of Burden
Total Approved
Previously Approved
Change Due to New Statute
Change Due to Agency Discretion
Change Due to Adjustment in Estimate
Change Due to Potential Violation of the PRA
Annual Number of Responses
8,000,000
0
8,000,000
0
0
0
Annual Time Burden (Hours)
2,000,000
0
2,000,000
0
0
0
Annual Cost Burden (Dollars)
0
0
0
0
0
0
Burden increases because of Program Change due to Agency Discretion:
No
Burden Increase Due to:
Burden decreases because of Program Change due to Agency Discretion:
No
Burden Reduction Due to:
Short Statement:
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.
Annual Cost to Federal Government:
$0
Does this IC contain surveys, censuses, or employ statistical methods?
No
Does this ICR request any personally identifiable information (see
OMB Circular No. A-130
for an explanation of this term)? Please consult with your agency's privacy program when making this determination.
No
Does this ICR include a form that requires a Privacy Act Statement (see
5 U.S.C. §552a(e)(3)
)? Please consult with your agency's privacy program when making this determination.
No
Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]?
No
Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]?
No
Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)?
No
Is this ICR related to the Pandemic Response?
No
Agency Contact:
Jessica Chase 202 317-5224
Common Form ICR:
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:
(a) It is necessary for the proper performance of agency functions;
(b) It avoids unnecessary duplication;
(c) It reduces burden on small entities;
(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;
(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;
(f) It indicates the retention periods for recordkeeping requirements;
(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:
(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;
(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.
(i) It uses effective and efficient statistical survey methodology (if applicable); and
(j) It makes appropriate use of information technology.
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.
Certification Date:
10/20/2025
An official website of the United States government
The .gov means it's official.
The site is secure.
