From the Manufactured Housing Institute on December 16, 2017:
On Friday, December 15, 2017, the House-Senate tax conference committee released its final agreement for H.R. 1, the Tax Cuts and Jobs Act. The bill is expected to be voted on by the House and Senate next week.
Throughout the process, MHI has been actively working on a tax issue of importance to MHI members - the deductibility of floor plan interest for manufactured home retailers. MHI is pleased to report that under the final language, the vast majority of manufactured home retailers, those with average annual gross receipts of no more than $25 million, will be able to deduct all of their floor plan inventory interest.
MHI had asked tax-writers to exempt all manufactured home retailers from the interest limitation by including manufactured home retailers in the bill's exemption for motor vehicle dealers. Unfortunately, despite aggressive outreach by MHI, state executive directors, and thousands of its members, the final agreement does not contain this categoric exemption; manufactured home retailers above the $25 million threshold will be able to deduct interest up to 30 percent of their adjusted gross income.
Read the full alert at MHI.org
To view the policy highlights of the Tax Cuts and Jobs Act click here.
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