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139 STAT. 179 PUBLIC LAW 119–21—JULY 4, 2025 guidance to prevent the duplicate reporting of information under this section. ‘‘(f) APPLICABILITY.—No return shall be required under this section for any period to which section 163(h)(4) does not apply.’’. (2) PENALTIES.—Section 6724(d) is amended— (A) in paragraph (1)(B), by striking ‘‘or’’ at the end of clause (xxvii), by striking ‘‘and’’ at the end of clause (xxviii) and inserting ‘‘or’’, and by adding at the end the following new clause: ‘‘(xxix) section 6050AA(a) (relating to returns relating to applicable passenger vehicle loan interest received in trade or business from individuals),’’, and (B) in paragraph (2), by striking ‘‘or’’ at the end of subparagraph (KK), by striking the period at the end of subparagraph (LL) and inserting ‘‘, or’’, and by inserting after subparagraph (LL) the following new subparagraph: ‘‘(MM) section 6050AA(c) (relating to statements relating to applicable passenger vehicle loan interest received in trade or business from individuals).’’. (d) CONFORMING AMENDMENTS.— (1) Section 56(e)(1)(B) is amended by striking ‘‘section 163(h)(4)’’ and inserting ‘‘section 163(h)(5)’’. (2) The table of sections for subpart B of part III of sub- chapter A of chapter 61 is amended by adding at the end the following new item: ‘‘Sec. 6050AA. Returns relating to applicable passenger vehicle loan interest re- ceived in trade or business from individuals.’’. (e) EFFECTIVE DATE.—The amendments made by this section shall apply to indebtedness incurred after December 31, 2024. SEC. 70204. TRUMP ACCOUNTS AND CONTRIBUTION PILOT PROGRAM. (a) TRUMP ACCOUNTS.— (1) IN GENERAL.—Subchapter F of chapter 1 is amended by adding at the end the following new part: ‘‘PART IX—TRUMP ACCOUNTS ‘‘Sec. 530A. Trump accounts. ‘‘SEC. 530A. TRUMP ACCOUNTS. ‘‘(a) GENERAL RULE.—Except as provided in this section or under regulations or guidance established by the Secretary, a Trump account shall be treated for purposes of this title in the same manner as an individual retirement account under section 408(a). ‘‘(b) TRUMP ACCOUNT.—For purposes of this section— ‘‘(1) IN GENERAL.—The term ‘Trump account’ means an individual retirement account (as defined in section 408(a)) which is not designated as a Roth IRA and which meets the following requirements: ‘‘(A) The account— ‘‘(i) is created or organized by the Secretary for the exclusive benefit of an eligible individual or such eligible individual’s beneficiaries, or ‘‘(ii) is— ‘‘(I) created or organized in the United States for the exclusive benefit of an individual who has Definitions. 26 USC 530A. 26 USC prec. 530A. 26 USC 56 note. 26 USC prec. 6041.