This part takes a date limit out of a business interest rule. It also brings trailers and campers into a financing term. The changes start with tax years after December 31, 2024.
“Section 163(j)(8)(A)(v) is amended by striking "in the case of taxable years beginning before January 1, 2022,".”
The section strikes the words in the case of taxable years beginning before January 1, 2022 from section 163(j)(8)(A)(v) of the Internal Revenue Code of 1986. That provision is not indexed here, so this record states the change and stops.
What the document actually says
“Section 163(j)(8)(A)(v) is amended by striking "in the case of taxable years beginning before January 1, 2022,".”
That sentence, in plain words
Words tying a rule to years before 2022 are taken out.
What this is about
So the rule is no longer limited that way. What the rule does is not recorded here. The tax code is not indexed on this site.
No action is recorded against this proposal. That is not evidence that none has been taken, and nobody has yet read it against the record. See what the tracker does not yet cover.
“Such term shall also include any trailer or camper which is designed to provide temporary living quarters for recreational, camping, or seasonal use and is designed to be towed by, or affixed to, a motor vehicle.”
The section adds a flush sentence at the end of section 163(j)(9)(C) of the Internal Revenue Code of 1986 bringing within the term any trailer or camper built to give temporary living quarters for recreational, camping or seasonal use and built to be towed by or fixed to a motor vehicle.
What the document actually says
“Such term shall also include any trailer or camper which is designed to provide temporary living quarters for recreational, camping, or seasonal use and is designed to be towed by, or affixed to, a motor vehicle.”
That sentence, in plain words
The term now covers a trailer or camper. It must be built for short stays. It must be towed by or fixed to a vehicle.
What this is about
Camping and seasonal use both count. The term is used in a rule on dealer financing. That rule is not indexed here.
No action is recorded against this proposal. That is not evidence that none has been taken, and nobody has yet read it against the record. See what the tracker does not yet cover.
The document says “shall apply”Who acts: Secretary of the TreasuryHow: statuteSec. 70303 in the PDF
What the document says
“The amendments made by this section shall apply to taxable years beginning after December 31, 2024.”
The section applies its amendments to taxable years beginning after December 31, 2024, and lets the Secretary of the Treasury or a delegate prescribe rules for a taxable year of less than 12 months that begins after that date and ends before enactment.
What the document actually says
“The amendments made by this section shall apply to taxable years beginning after December 31, 2024.”
That sentence, in plain words
The changes start with tax years that begin after December 31, 2024.
What this is about
Some tax years run under 12 months. The Secretary may write rules for those. That covers years ending before this law passed.
No action is recorded against this proposal. That is not evidence that none has been taken, and nobody has yet read it against the record. See what the tracker does not yet cover.
Each distinct thing the section does: strike the date limit, add trailers and campers to the floor plan financing term, and fix the effective date with the rule for short taxable years.
Nothing in the section is left out. It has three subsections and each is recorded.
The section works by amending section 163(j) of the Internal Revenue Code of 1986, which is not indexed here, so what the business interest limitation does cannot be checked against anything on this site.
