WASHINGTON, D.C. — The RV Industry Association (RVIA) is urging members to act immediately and tell Congress to restore the floorplan interest deductibility in this week’s Continuing Resolution (CR).
Last year’s tax reform bill provided much needed relief for small businesses. However, a last-minute definition change in one section of the bill unintentionally effectively removed travel trailers from the definition of “motor vehicle” for the purposes of floorplan financing interest deductibility.
Made during the House-Senate conference, this change inadvertently disadvantaged the travel trailer industry by limiting the interest deductibility of the RV trailer dealer’s floorplan costs.
Legislation to correct this unintended oversight, the Travel Trailer and Camper Technical Corrections Act, has been included in Chairman Brady’s year-end tax bill, H.R. 88, as Section 504.
According to RVIA, members should lobby their congressional representatives to offer an amendment to add this important provision to the Continuing Resolution and bring critically needed clarity to this issue for RV dealers.
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SOURCE: RVIA press release