TIA Resolutions Cover Infrastructure Support, Estate Tax
The Tire Industry Association (TIA) adopted three resolutions during its annual membership meeting in Las Vegas.
The meeting - held on Nov. 1 - preceded the start of this week’s Specialty Equipment Market Association (SEMA) Show, which begins on Nov. 2 and runs through Friday, Nov. 5.
The first resolution centers on President Joe Biden’s infrastructure bill, which TIA supports.
However, the association opposes what it calls “unreasonable and unfair proposals” that would reinstate the federal excise tax (FET) on tread rubber and passenger tires; increase the FET on truck tires and tread rubber; raise the tax on motor fuel; adopt a “vehicle miles-traveled” tax; privatize the interstate highway system; and other possible methods of generating revenue.
“While TIA supports infrastructure proposals and the concept of user fees, TIA opposes raising the level of the current industry excise taxes.”
The second resolution focused on President Biden’s executive order concerning Right to Repair.
TIA believes that current laws are “inadequate to address growing competitive concerns created by new vehicle technology. Consumers should have the choice of who is able to access data needed to maintain and repair their vehicles.”
TIA says it will support “passage of federal legislation to preserve consumer access to high-quality and affordable vehicle repair by ensuring that as vehicles continue to modernize, vehicle owners and their repairer of choice have equal access to repair and maintenance tools and data.”
The association pledged to work with the Federal Trade Commision to “draft legislative language to propose to Congress.”
The third proposal discussed during the Nov. 1 meeting concerns proposed changes to the estate tax that would revert exemptions to $5 million, effective Dec. 31, 2021; would raise the tax to 60%; would do away with “the step-up in basis;” and would cut the lifetime gift tax exclusion to $1 million.
TIA opposes revising the current estate tax exemption for individuals and couples, as well as the lifetime exclusion reduction and hiking the tax’s rate.
Also during the meeting, TIA Treasurer Mike Wolfe reported that the association ended its fiscal year “in the black, with strong investment gains.”
And TIA recognized outgoing board members Brian Rigney of Dill Air Control Products LLC, James Flynn of Flynn’s Tire Group and John Baldwin of Discount Tire for their service to the group.