A single national standard for achievable greenhouse gas regulations that leverages consumer demand is needed to produce the fleet turnover necessary to deliver environmental benefits. NADA is urging members of Congress to sign letters to congressional leadership warning that unless the EPA creates a national greenhouse gas standard that is reasonable and achievable for all 50 states and stops attempting to ban the sale of gas-powered cars, Congress will need to step in. NADA URGING CONGRESS TO PASS THE “SUPPLY CHAIN DISRUPTIONS RELIEF ACT” Under existing law, the Treasury Department has authority to allow businesses that utilize the last-in, first-out (LIFO) accounting extended time to replace inventory if a “major foreign trade interruption” makes inventory replacement difficult or impossible. Pandemic-related global disruptions and reduced auto production made it impossible for dealers to replenish new vehicle supply. Under the “Supply Chain Disruptions Relief Act” (H.R. 700/S. 443), Congress would determine that the conditions, necessary to grant additional time to replace vehicle inventories under existing law due to pandemic-related foreign trade interruptions, have been met. As a result of supply chain disruptions beyond the dealers’ control, LIFO recapture triggered significant, unexpected tax liability that continues to harm many smaller, multi-generational family dealerships. NADA is urging members of Congress to cosponsor the “Supply Chain Disruptions Relief Act” and to pass this legislation at the earliest opportunity. NADA SUPPORTS “PRESERVING CHOICE IN VEHICLE PURCHASES ACT” (H.R. 1435) The “Preserving Choice In Vehicle Purchases Act” (H.R. 1435) was introduced in March 2023 and passed in the U.S. House of Representatives on September 14, 2023. It now awaits consideration in the Senate. The legislation would amend the Clean Air Act to prevent the elimination of the sale of internal combustion engine and put the U.S. on a path to one national standard, as opposed to a piecemeal approach across the country. NADA will continue urging the Senate to pass this important legislation. Contact us today to place your announcement ad Call 801-676-9722 Or scan the qr code to fill out the form. Who to congratulate , who to acknowledge , and who to thank for a job well done. Employees are motivated when they are recognized and feel valued. The New Jersey Auto Retailer magazine is a great platform to celebrate your team's accomplishments!
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