summary
Introduced
05/20/2019
05/20/2019
In Committee
05/20/2019
05/20/2019
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
116th Congress
Bill Summary
A bill to amend the Internal Revenue Code of 1986 to provide that floor plan financing includes the financing of certain trailers and campers. 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.
AI Summary
This bill amends the Internal Revenue Code to include the financing of certain trailers and campers within the definition of "floor plan financing indebtedness." This means that the interest on the financing of these recreational vehicles would be exempt from the limit on the tax deduction for business interest. Specifically, the bill defines "floor plan financing indebtedness" to include any trailer or camper designed to provide temporary living quarters for recreational, camping, or seasonal use and designed to be towed by or affixed to a motor vehicle. This change applies to taxable years beginning after December 31, 2017.
Committee Categories
Budget and Finance
Sponsors (4)
Last Action
Read twice and referred to the Committee on Finance. (on 05/20/2019)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location | Created |
|---|---|---|
| State Bill Page | https://www.congress.gov/bill/116th-congress/senate-bill/1543/all-info | 05/21/2019 |
| BillText | https://www.congress.gov/116/bills/s1543/BILLS-116s1543is.pdf | 06/05/2019 |
| Bill | https://www.congress.gov/116/bills/s1543/BILLS-116s1543is.pdf.pdf | 06/05/2019 |
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