“To amend the Internal Revenue Code of 1986 to apply the floor plan financing interest rules to semi-trailers.”
No CRS summary available for this bill.
This section expands the definition of motor vehicle for purposes of the floor plan financing interest exception to the business interest expense limitation (i.e., exempts such interest from the Section 163(j) deduction limit for dealers financing inventory held for sale) to include truck trailers, semi-trailer chassis, and truck trailer or semi-trailer bodies (as defined in IRC §4051(a)(1)(C)-(D), without regard to first retail sale status and excluding property described in §4051(a)(3)). (Thus, dealers of such trailers may deduct related floor plan financing interest without regard to the business interest limitation.) The change applies to taxable years beginning after enactment.