RVIA said tax legislation up for a key House of Representatives committee vote today includes two significant industry priorities.
The Ways and Means Committee will take up the legislation today as part of Republicans’ reconciliation bill.
The first RV priority is the restoration of full deductibility of floorplan interest for RV dealers. A change in the 2017 Tax Cuts and Jobs Act limited the deduction to motorized vehicles. Changing the legislation has been a priority for RVDA and RVIA since the tax legislation was passed.
The reconciliation bill includes a key provision titled “Floorplan financing applicable to certain trailers and campers,” which adds travel trailers to the modified business interest deduction formula—delivering parity for RV dealers.
The legislation was championed by House RV Caucus leaders Rudy Yakym (R-Ind.) and Dina Titus (D-Nev.)
In addition, the bill includes trailers and campers designed for recreational camping and seasonal use in a provision exempting car loan interest expenses under $10,000.
RVIA said the provisions’ inclusion was the result of Yakym and Titus’ work along with seven committee co-sponsors. Sens. Joni Ernst (R-Iowa), Angus King (I-Maine), Todd Young (R-Ind.), and Jim Banks (R-Ind.), have championed companion legislation to ensure RV dealers receive fair and consistent tax treatment.
