The U.S. Tire Manufacturers Association (USTMA) is urging Congress “to quickly pass legislation that will address the immediate and enduring challenges facing the economy and the tire manufacturing industry” as the result of the COVID-19 crisis.
“Tire manufacturers continue to face unprecedented challenges as a result of COVID-19,” says Anne Forristall Luke, USTMA president and CEO. “USTMA urges Congress’ continued leadership to ensure the American economy and manufacturing sector are well-positioned to quickly return to pre-pandemic levels in the near future and for the long term.
“USTMA remains committed to engaging all stakeholders to quickly pass legislation that will address the immediate and enduring challenges facing our country and the tire manufacturing industry as a result of this pandemic,” she adds.
In a letter sent to House Speaker Nancy Pelosi, Senate Majority Leader Mitch McConnell, House Minority Leader Kevin McCarthy and Senate Minority Leader Chuck Schumer, the USTMA pressed Congressional leaders to:
- Enact a payroll tax holiday, suspending employer-paid payroll taxes through September 30, 2020;
- Provide tax credits for all employers – including those above the 500-employee threshold – that offer benefits such as paid leave for emergency situations or to care for family members experiencing emergency situations;
- Provide a refundable payroll tax rebate covering 80% of employer payroll costs for companies of all sizes to help maintain, rather than terminate or temporarily layoff, their workforce during the COVID-19 emergency;
- Provide for the immediate use and refundability of general business credits;
- Delay the remittance of federal excise taxes collected by manufacturers on the sale of tires, and;
- Ensure cross-border trade – particularly within North America – is not adversely affected by policies aimed at restricting movement to contain the spread of the disease.
The association also has asked Congress to coordinate with the governments of Canada and Mexico “to ensure industries, such as the automotive supply chain, are able to re-open in unison in all three countries.”