“Senators need to hear directly from YOU about the importance of floor plan financing to your business. Call your Republican Senators and ask them to cosponsor Senator Rand Paul’s amendment to ensure floor plan interest remains fully deductible,” said the National Automobile Dealers Association (NADA).
In a media release, David Regan, NADA, Executive Vice President of Legislative Affairs, said the following.
“Senators began voting on the “Tax Cuts and Jobs Act,” which includes a provision that would reduce the current 100 percent deduction of business interest, including floor plan interest, to 30 percent of adjusted taxable income. Sen. Rand Paul (R-Ky.) introduce an amendment to restore the full deductibility of floor plan interest as included in the House bill. NADA strongly supports the Paul amendment.”
“The Senate tax reform bill is on the Senate floor now. Please call your Senators ASAP and ask them to support Sen. [Rand] Paul’s amendment. Senators need to hear directly from dealers, even if calls have previously been placed, to urge support for the Paul amendment. Amendments will be voted on later today with final passage of the bill likely on Friday,” NADA’s Regan said.
You may phone the U.S. Capitol Switchboard at (202) 224-3121. A switchboard operator will connect you directly with the Senate office you request.
Where is MHI on this?
Per sources, the Manufactured Housing Institute (MHI) has not yet taken a position on this, see this link. A source with the Manufactured Housing Association for Regulatory Reform (MHARR) said this is a post-production issue, one they don’t normally take a position on.
The issue was raised to MHProNews by a retailer, as a news tip. Our thanks to that reader, and all who share news tips, documents, and thoughtful commentary. ## © (News, analysis, commentary.)
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Submitted by Soheyla Kovach to the Daily Business News for MHProNews.com.