S.1543 - Travel Trailer and Camper Tax Parity Act116th Congress (2019-2020) |
|Sponsor:||Sen. Ernst, Joni [R-IA] (Introduced 05/20/2019)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 05/20/2019 Read twice and referred to the Committee on Finance. (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
- Passed Senate
- Passed House
- To President
- Became Law
Summary: S.1543 — 116th Congress (2019-2020)All Information (Except Text)
Introduced in Senate (05/20/2019)
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.