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S 1543 116th Congress Senate Taxation Business investment and capital Income tax deductions Interest, dividends, interest rates Motor vehicles Outdoor recreation

Travel Trailer and Camper Tax Parity Act

Introduced: May 20, 2019 Introduced by: Ernst, Joni Republican · Iowa 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
May 20, 2019
Read twice and referred to the Committee on Finance.
May 20, 2019
Introduced in Senate
 Plain-English summary Congressional Research Service

Travel Trailer and Camper Tax Parity Act

This bill modifies the limit on the tax deduction for business interest to include the financing of certain trailers and campers in the definition of "floor plan financing indebtedness." (Interest on floor plan financing indebtedness is exempt from the limit.)

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 that 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 May 20, 2019

Read twice and referred to the Committee on Finance.

 Committees of jurisdiction 1
 Cosponsors 1
All 1 Independent 1