WASHINGTON — U.S. Rep. Rudy Yakym, Republican representing Indiana’s 2nd District, and U.S. Rep. Dina Titus, Democrat representing Nevada’s 1st District, recently introduced H.R. 3624, the Travel Trailer and Camper Tax Parity Act.
The bill makes a technical fix to the 2017 Tax Cuts and Jobs Act so that RV dealers can fully deduct the interest on their floor plan financing for all the RVs they sell, including non-motorized towable trailers, which account for 88% of RV sales.
“As the representative from the ‘RV Capital of the World,’ I know just how important the RV industry is both to our regional economy and our way of life in Indiana,” said Yakym. “I am proud to introduce this common-sense and bipartisan legislative solution along with Congresswoman Titus to help ensure the RV industry thrives for years to come and so Americans can enjoy the great outdoors from an RV and experience all the natural beauty our country has to offer.”
“Many families and tourists from across the country feel that the best way to explore Nevada’s natural landscapes and diverse flora and fauna is from an RV,” Titus said. “This bipartisan legislation would help RVs stay competitive with other elements of the recreation industry, and allow even more people to explore our country in this unique way.”
“We commend Representatives Yakym and Titus for their bipartisan effort in reintroducing the RV Floor Plan Tax Fix legislation,” said Samantha Rocci, RV Industry Association senior manager of government affairs. “This crucial legislation addresses a now long-standing issue within the RV industry, providing much-needed relief to RV dealerships burdened by a drafting error. By allowing dealers to fully deduct the interest on their floor plan financing for all units, this bill will ensure that RV travel trailer dealers are able to remain competitive with other types of recreation products, encourage growth, and foster a thriving marketplace for RV enthusiasts. We urge Congress to swiftly pass this legislation and support the continued success of the RV industry.”
The full text of the legislation can be found here.