RVIA Economic Impact Study

The Recreation Vehicle Industry Association commissioned an Economic Impact Study on the RV industry, released on June 7, 2016. The study found that the RV industry contributes about $49.7 billion in economic output or 0.28 percent of the Gross Domestic Product. Through its production and distribution linkages, the industry impacts firms in 426 of the 440 sectors of the United States economy.

Nationwide, the industry is responsible for 216,170 jobs, both directly and inderectly, creating an economic impact of $37.5 billion. The full study results, along with each individual state and congressional district's economic impact is available on the website by clicking here .

U.S. Senate Passes Tax Cut Bill, Reducing Corporate Tax Rate to 20%

Wed Dec 20, 2017

The U.S. Senate has passed HR1, a tax-cut bill that would reduce the corporate tax for all business from a maximum of 35 percent to a flat 20 percent rate.

The bill passed the Senate by a straight party-line vote of 51-48 early Wednesday morning and was passed to the House of Representatives. A 20-minute debate session is scheduled before the vote takes place.

The bill would also amend the Internal Revenue Code to make the following changes for businesses:

• Allow increased expending of the costs of certain property
• Limit deductibility of net interest expenses to 30 percent of the business’s adjusted taxable income.
• Repeal the work opportunity tax credit
• Terminate the exclusion for interest on private activity bonds
• Modify or repeal various energy-related deductions and credits
• Modify the taxation of foreign income
• Impose an excise tax on certain payments from domestic corporations to related foreign corporations

The bill would also change several tax codes for individuals, including establishing a 25 percent maximum rate on the business income of individuals.