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Special Legislative Update: Tax Legislation Includes Travel Trailer Floor Plan Tax Fix
Tax legislation passed in the U.S. House of Representatives includes a provision that restores full deductibility of towable RV floor plan interest for all RV dealers.
The reconciliation bill includes a key provision titled “Floor plan financing applicable to certain trailers and campers,” which adds travel trailers to the modified business interest deduction formula.
The provision was championed by Rep. Rudy Yakym’s (R-IN), a member of the Ways & Means Committee. In the Senate, Senators Joni Ernst (R-IA), Angus King (I-ME), Todd Young (R-IN), and Jim Banks (R-IN) support companion legislation to ensure RV dealers receive fair and consistent tax treatment. This is one of the top legislative priorities for RVDA and RVIA.
The bill also includes RVs in a provision to exempt car loan interest expenses under $10,000.
RVDA will keep members updated on the status of the tax bill as it moves through Congress this session.
MORE BACKGROUND:
U.S. Senators Joni Ernst (R-IN), Angus King (I-ME), and Todd Young (R-IN) have also introduced S. 1314, a companion bill in the Senate, the Travel Trailer and Camper Tax Parity Act.
Both bills would enable all RV dealers to fully deduct the interest on floorplan loans for travel trailers.
Floor plan interest on travel trailers/towable units is currently subject to a 30 percent limitation on interest expenses based on earnings before interest and taxes for dealers with more than $29 million in annual sales. RVDA and RVIA are advocating for this fix to ensure that all segments of the RV industry are treated fairly by allowing floor plan financing interest charges on towable RVs to be a fully deductible expense.
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