Sec. 13311. Floor plan financing
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/bill/115/hr/1/eas/section-13311·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 163(j), as amended by section 13301, is amended— in paragraph (1), by striking plus at the end of subparagraph (A), by striking the period at the end of subparagraph
(B)and inserting , plus , and by inserting after subparagraph
(B)the following new subparagraph: the floor plan financing interest of such taxpayer for such taxable year. , and in paragraph (4)(C)(i)(II), by inserting , reduced by the floor plan financing interest, after business interest of the partnership , and by redesignating paragraph
(9)as paragraph
(10)and inserting after paragraph
(8)the following new paragraph: For purposes of this subsection— The term floor plan financing interest means interest paid or accrued on floor plan financing indebtedness. The term floor plan financing indebtedness means indebtedness— used to finance the acquisition of motor vehicles held for sale or lease, and secured by the inventory so acquired. The term motor vehicle means a motor vehicle that is any of the following: An automobile. A truck. A recreational vehicle. A motorcycle. Any self-propelled vehicle designed for transporting persons or property on a public street, highway, or road. A boat. Farm machinery or equipment. . The amendments made by this subsection shall apply to taxable years beginning after December 31, 2017. Paragraph
(6)of section 168(k), as added by section 13201(a)(4), is amended— by striking shall not include any property and inserting shall not include— any property , and by adding at the end the following new subparagraph: any property used in a trade or business that has had floor plan financing indebtedness (as defined in paragraph
(9)of section 163(j)), if the floor plan financing interest related to such indebtedness was taken into account under paragraph (1)(C) of such section. . The amendments made by this subsection shall apply to property placed in service after September 27, 2017, in taxable years ending after such date.