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Travel Trailer and Camper Technical Correction Act
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Travel Trailer and Camper Technical Correction Act This bill amends the Internal Revenue Code, with respect to the limit on the deduction for business interest, to modify the definition of "floor plan financing indebtedness" to include the financing of certain trailers and campers. Under current law, "floor plan financing indebtedness" is: (1) used to finance the acquisition of motor vehicles held for sale or lease, and (2) secured by the acquired inventory. The bill specifies that, for the purpose of this definition, a motor vehicle includes any trailer or camper which is designed to: (1) provide temporary living quarters for recreational, camping, or seasonal use; and (2) be towed by, or affixed to, a motor vehicle.
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Filing registrants (1)
2018 · fourth_quarter · Taxation/Internal Revenue Code
2017's tax reform bill provided much needed relief for small businesses; however, a last minute definition change in one section of the bill unintentionally resulted in effectively removing travel trailers from the definition of motor vehicle for the purposes of floor plan financing interest deductibility. Made during the House-Senate conference, this change unintentionally disadvantaged the RV travel trailer industry, by limiting the deductibility of the RV trailer dealers floor-plan costs. New legislation, the Travel Trailer and Camper Technical Corrections Act (H.R.6969), has been introduced to ensure that towable RVs are included in the floor plan interest financing deductibility. Contact your Congress members and urge them to support the legislation.
Referred to the House Committee on Ways and Means.
Introduced in House
Congress.gov source codes: 1000, Intro-H
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Sources: Congress.gov
Client expense: Not reported · Firm income: Not reported
Government targets: HOUSE OF REPRESENTATIVES, SENATE
2018 · third_quarter · Taxation/Internal Revenue Code
Last years tax reform bill provided much needed relief for small businesses; however, a last minute definition change in one section of the bill unintentionally resulted in effectively removing travel trailers from the definition of motor vehicle for the purposes of floor plan financing interest deductibility. Made during the House-Senate conference, this change unintentionally disadvantaged the RV travel trailer industry, by limiting the deductibility of the RV trailer dealers floor-plan costs. New legislation, the Travel Trailer and Camper Technical Corrections Act (H.R.6969), has been introduced to ensure that towable RVs are included in the floor plan interest financing deductibility. Contact your Congress members and urge them to support the legislation.
Client expense: Not reported · Firm income: Not reported
Government targets: HOUSE OF REPRESENTATIVES, Interior, Dept of (DOI), SENATE