Travel Trailer and Camper Technical Correction Act

Bill: 115-s-3600
Sponsor: full_name: Sen. Donnelly, Joe [D-IN]
Introduced: 2018-10-11
Policy area: Taxation
Subjects: Business investment and capital

Income tax deductions

Interest, dividends, interest rates

Motor vehicles

Outdoor recreation
Latest action: action_date: 2018-10-11
text: Read twice and referred to the Committee on Finance.

Summaries:
action_date: 2018-10-11
action_desc: Introduced in Senate
text: <p><b>Travel Trailer and Camper Technical Correction Act </b></p> <p>This bill amends the Internal Revenue Code, with respect to the limit on the deduction for business interest, to modify the definition of "floor plan financing indebtedness" to include the financing of certain trailers and campers. </p> <p>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. </p> <p>The bill specifies that, for the purpose of this definition, a motor vehicle includes any trailer or camper which 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. </p>

tv_txt: II 115th CONGRESS 2d Session S. 3600 IN THE SENATE OF THE UNITED STATES October 11, 2018 Mr. Donnelly introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To amend the Internal Revenue Code of 1986 to provide that floor plan financing includes the financing of certain trailers and campers.

1. Short title This Act may be cited as the Travel Trailer and Camper Technical Correction Act . 2. Floor plan financing applicable to certain trailers and campers (a) In general Section 163(j)(9)(C) of the Internal Revenue Code of 1986 is amended by adding at the end the following new flush sentence: Such term shall also include any trailer or camper which is designed to provide temporary living quarters for recreational, camping, or seasonal use and is designed to be towed by, or affixed to, a motor vehicle. . (b) Effective date The amendment made by this section shall apply to taxable years beginning after December 31, 2017.