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HR 6969 115th Congress House Taxation Business investment and capital Income tax deductions Interest, dividends, interest rates Motor vehicles Outdoor recreation

Travel Trailer and Camper Technical Correction Act

Introduced: September 28, 2018 Introduced by: Emmer, Tom Republican · Minnesota See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Sep 28, 2018
Referred to the House Committee on Ways and Means.
Sep 28, 2018
Introduced in House
 Plain-English summary Congressional Research Service

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.

What's happening now September 28, 2018

Referred to the House Committee on Ways and Means.

 Committees of jurisdiction 1