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Internal Revenue Code

The main body of federal tax laws in the United States, administered by the Internal Revenue Service (IRS).

Tax Deduction

An amount that can be subtracted from your taxable income, which in turn lowers the amount of tax you owe.

Qualified Automobile

Under this bill, an automobile whose final assembly process happened entirely within the United States.

Final Assembly

The process where a car manufacturer builds a vehicle at a plant, including all necessary mechanical parts, before delivering it to a dealer.

Indebtedness

Money owed to another party, typically referring to a debt or loan.

Taxable Year

The annual accounting period used for keeping records and calculating income and taxes. For most individuals, this is the calendar year.