Travel Trailer and Camper Tax Parity Act
This bill expands the exclusion of interest on floor plan financing from the limit on the tax deduction for business interest expenses to include interest on floor plan financing of certain non-motorized, towable campers and trailers.
Under current law, the tax deduction for business interest expenses is generally limited to 30% of adjusted taxable income. (Some exceptions apply.) However, under current law, interest on floor plan financing (financing used to acquire inventory for sale or lease) of motorized vehicles (e.g., self-propelled vehicles designed to transport people) is excluded from the limit on the tax deduction for business interest expenses.
Under the bill, the exclusion of interest on floor plan financing from the limit on the tax deduction for business interest expenses is expanded to include interest on floor plan financing of any camper or trailer designed to (1) provide temporary living quarters for recreational, camping, or seasonal use; and (2) be towed by, or affixed to, a motor vehicle.
[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 332 Introduced in House (IH)]
<DOC>
119th CONGRESS
1st Session
H. R. 332
To amend the Internal Revenue Code of 1986 to provide that floor plan
financing includes the financing of certain trailers and campers.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
January 13, 2025
Mr. Yakym (for himself and Ms. Titus) introduced the following bill;
which was referred to the Committee on Ways and Means
_______________________________________________________________________
A BILL
To amend the Internal Revenue Code of 1986 to provide that floor plan
financing includes the financing of certain trailers and campers.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Travel Trailer and Camper Tax Parity
Act''.
SEC. 2. FLOOR PLAN FINANCING APPLICABLE TO CERTAIN TRAILERS AND
CAMPERS.
(a) In General.--Section 163(j)(9)(C) of the Internal Revenue Code
of 1986 is amended by adding at the end the following new flush
sentence:
``Such term shall also include any trailer or camper
which is designed to provide temporary living quarters
for recreational, camping, or seasonal use and is
designed to be towed by, or affixed to, a motor
vehicle.''.
(b) Effective Date.--The amendment made by this section shall apply
to taxable years beginning after December 31, 2024.
<all>
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
Llama 3.2 · runs locally in your browser
Ask anything about this bill. The AI reads the full text to answer.
Enter to send · Shift+Enter for new line