Act Now: Urge Your Member Of Congress To Support The RV Floor Plan Tax Fix
Thanks to action taken by 150 members of the RV industry during RVs Move America Week, including asking for support on the floor plan interest deduction issue, there are bills in both the House and Senate to address inequalities created by last minute changes to the 2017 tax reform bill. These changes led to a definition change in one section that inadvertently limited the deductibility of RV trailer dealers’ floor plan costs - an unintended consequence that is currently disadvantaging one segment of the RV industry.
Under the new tax law, the deduction for interest paid on RV dealer inventory inadvertently excludes non-motorized travel trailers. The House and Senate versions of tax reform legislation specifically included towable RVs as motor vehicles, but the final version of the bill simplified the definition of motor vehicles by combining several terms. As a result, the full tax exemption now only applies to RV motorhomes, putting the RV travel trailer industry at a disadvantage and forcing larger dealers to use different accounting rules for trailers and motorhomes.
The Travel Trailer and Camper Tax Parity Act (S.1543 and H.R.4349) would restore the full deductibility of inventory financing interest for all types of RVs, including motorhomes, travel trailers, and campers, as originally intended by Congress.
Members of Congress must hear from the RV industry on the negative consequences of this drafting error and the need for correction. Use the RV Action Center to contact your Members of Congress today and ask that they support the Travel Trailer and Camper Tax Parity Act.
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