House bill chops tax break for RVs and boats

Wealth wealthy man on sailboat

Meanwhile, the RV industry is a bit more concerned about the deduction disappearing.

“It’s something that can help people purchase an RV, and most RV purchasers are not super-wealthy,” said Kevin Broom, spokesman for the Recreation Vehicle Industry Association.

The cost of an RV ranges from about $5,000 for a towable camping trailer to $500,000 or more for deluxe motorhomes, according to 2016 data from the Commerce Department. More than 9 million households own an RV, with consumers between ages 35 and 54 now the largest group of buyers.

The mortgage interest deduction for second homes is only one of many tax breaks that could disappear as part of Republican tax-reform efforts. While Senate lawmakers are expected to continue debate on their version after the Thanksgiving holiday, differences between the House and Senate bills would need to be ironed out before legislation could be finalized.

Republican leaders have indicated they hope to get a final tax bill to President Trump for his signature in December.

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