Floor plan financing interest defined

For purposes of this subsection—

(A) In general The term “floor plan financing interest” means interest paid or accrued on floor plan financing indebtedness.

(B) Floor plan financing indebtedness The term “floor plan financing indebtedness” means indebtedness— (i) used to finance the acquisition of motor vehicles held for sale or lease, and (ii) secured by the inventory so acquired.

(C) Motor vehicle The term “motor vehicle” means a motor vehicle that is any of the following: (i) Any self-propelled vehicle designed for transporting persons or property on a public street, highway, or road. (ii) A boat. (iii) Farm machinery or equipment. 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.

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Floor plan financing interest defined

Official source

For purposes of this subsection—

(A) In general The term “floor plan financing interest” means interest paid or accrued on floor plan financing indebtedness.

(B) Floor plan financing indebtedness The term “floor plan financing indebtedness” means indebtedness— (i) used to finance the acquisition of motor vehicles held for sale or lease, and (ii) secured by the inventory so acquired.

(C) Motor vehicle The term “motor vehicle” means a motor vehicle that is any of the following: (i) Any self-propelled vehicle designed for transporting persons or property on a public street, highway, or road. (ii) A boat. (iii) Farm machinery or equipment. 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.