RV Industry Gets 2 Big Wins in U.S. House Tax Legislation – RVBusiness – Breaking RV Industry News
FAIRFAX, Va. – The House tax legislation scheduled for a committee vote on Tuesday, May 13, includes two significant wins for the RV industry, according to a report by the RV Industry Association (RVIA.)
“Thanks to the leadership of our champions, Rep. Rudy Yakym (R-IN-2) and Dina Titus (D-NV-1), the bill includes a fix to a longstanding flaw in the 2017 Tax Cuts and Jobs Act. Specifically, it restores full deductibility of floor plan interest for all RV dealers — not just those selling motorhomes. Correcting this drafting error has been one of the RV industry’s top federal priorities,” the report stated.
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 — delivering long-overdue parity for RV dealers.
This success wouldn’t have been possible without broad support: seven Republican members of the House Ways and Means Committee co-sponsored Rep. Yakym’s legislation. In the Senate, Senators Joni Ernst (R-IA), Angus King (I-ME), Todd Young (R-IN), and Jim Banks (R-IN), have championed companion legislation to ensure RV dealers receive fair and consistent tax treatment.
As an added bonus, the House bill also includes trailers and campers designed for recreational camping and seasonal use in a provision exempting car loan interest expenses under $10,000.
The RVIA will continue to drive these critical policy victories forward for the RV industry as the Senate takes up this legislation this summer.
