HR 7944
Semi-Trailer Tax Parity Act
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Bill overview
This bill, the Semi-Trailer Tax Parity Act, aims to equalize tax treatment for semi-trailers by extending the floor plan financing interest rules to them. Currently, these rules primarily apply to cars and light trucks. This legislation modifies the Internal Revenue Code to include semi-trailers and their components, such as chassis and bodies, within the definition of property eligible for the financing interest deduction.
Key provisions
- Expands the definition of ‘floor plan financing interest’ to include semi-trailers.
- Specifically includes semi-trailer chassis and bodies within the scope of the rules.
- Modifies Section 163(j)(9)(C) of the Internal Revenue Code.
Who is affected
- Trucking industry
- Semi-trailer manufacturers
- Businesses that finance semi-trailers
Notable changes
- Creates parity in tax treatment between semi-trailers and cars/light trucks under floor plan financing rules.
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119th CONGRESS — 2d Session
H. R. 7944
IN THE HOUSE OF REPRESENTATIVES
A BILL
To amend the Internal Revenue Code of 1986 to apply the floor plan financing interest rules to semi-trailers.
This Act may be cited as the Semi-Trailer Tax Parity Act
.
Such term shall further include any truck trailer or semi-trailer chassis or truck trailer or semi-trailer bodies (within the meaning of subparagraphs (C) and (D) of section 4051(a)(1), but without regard to whether the acquisition is the first retail sale of such property) which are not described in section 4051(a)(3)..
The amendment made by this section shall apply to taxable years beginning after the date of the enactment of this Act.