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Internal Revenue Code of 1986

The official body of U.S. federal tax laws.

Applicable Passenger Vehicle

A term in the tax code that defines certain vehicles whose loan interest can potentially be deducted if the vehicle also qualifies as a residence.

Applicable Watercraft

Specific types of recreational motorboats that, under this bill, would be included in the definition of an 'applicable passenger vehicle' for tax deduction purposes.

Qualified Residence Interest

Interest paid on a loan secured by a main home or a second home (which can sometimes include a boat or RV if it has living facilities), which is generally tax-deductible.

Recreational Vessel

A boat generally used for pleasure or sport, as defined by federal maritime law.

Motorboat

A boat that is propelled by machinery, as defined in federal regulations.

Hull Identification Number (HIN)

A unique 12-character serial number assigned by the manufacturer to boats, similar to a Vehicle Identification Number (VIN) for cars.