Semi-Trailer Tax Parity Act
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
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.
Bill text
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Sponsors
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7 on record
Primary sponsor
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