S 1314 ยท Travel Trailer and Camper Tax Parity Act
Read twice and referred to the Committee on Finance.
- Introduced
- Apr 7, 2025
- Latest action
- Apr 7, 2025
- Sponsor
- Sen. Joni Ernst [R-IA]
- Policy area
- Taxation
- Cosponsors
- 4
Summary
Travel Trailer and Camper Tax Parity Act This bill expands the exclusion of interest on floor plan financing from the limit on the tax deduction for business interest expenses to include interest on floor plan financing of certain non-motorized, towable campers and trailers. Under current law, the tax deduction for business interest expenses is generally limited to 30% of adjusted taxable income. (Some exceptions apply.) However, under current law, interest on floor plan financing (financing used to acquire inventory for sale or lease) of motorized vehicles (e.g., self-propelled vehicles designed to transport people) is excluded from the limit on the tax deduction for business interest expenses. Under the bill, the exclusion of interest on floor plan financing from the limit on the tax deduction for business interest expenses is expanded to include interest on floor plan financing of any camper or trailer designed to (1) provide temporary living quarters for recreational, camping, or seasonal use; and (2) be towed by, or affixed to, a motor vehicle.
Recent actions
- Apr 7, 2025 Read twice and referred to the Committee on Finance.
- Apr 7, 2025 Introduced in Senate
Votes
No recorded votes are available for this bill.