SEMA Show, Day One: TIA resolves to...
Larry Brandt took over as president of the Tire Industry Association (TIA) at the organization's annual meeting on Oct. 31. He took over from Mike Berra, who for the next year will be the immediate past president.
One of Brandt's first duties was to adopt two resolutions. They are:
1. Veterans hiring tax credit -- yes. The association will encourage Contress to pass H.R. 2082, which would expand the Work Opportunity Credit for three years for recently discharged veterans. TIA will partner with the Department of Labor in this endeavor.
"And be it further resolved that the Tire Industry Association will invite and encourage returning veterans to seek employment in our great industry," said the resolution.
2. LIFO repeal -- no. The association urges Congress not to repeal the LIFO (Last In, First Out) accounting method, in spite of President Barack Obama's call to repeal it.
"Be it further resolved that if the SEC chooses to incorporate IFRS (International Financial Reporting Standards) into the financial reporting system of U.S. users, that the SEC provides a carve-out from that decision that would allow such users continued use of the LIFO accounting method."
Also at the meeting, Treasurer Tom Formanek announced that TIA ended its 2011 fiscal year in the black. "Our membership numbers are strong, and we have a solid cash reserve, which has remained relatively stable despite the current lows of the stock market," he said.
The annual meeting was held in Las Vegas, Nev., one day before the start of the Global Tire Expo-Powered by TIA, which will run from Nov. 1 through Nov. 4. The Global Tire Expo is part of the Specialty Equipment Market Association Show.