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IPFS News Link • Transportation

US Automakers Beg For Tax Cuts And Delays Implementing USMCA Amidst Economic Shock

• https://www.zerohedge.com, by Tyler Durden

The U.S. auto industry, famous for being bailed out in 2008, is no exception. 

Trade groups that represent the industry are now pleading with Washington for tax relief and delays in implementing the USMCA trade agreement, according to Bloomberg. They are asking for the concessions in hopes of blunting some of the economic blow from the shutdown of the industry, as a result of the virus. 

The Alliance for Automotive Innovation and Motor and Equipment Manufacturers Association has specifically asked lawmakers for a tax deduction or credit for companies that provide paid sick leave for workers related to Covid-19.

They are also asking to delay or defer 2020 quarterly federal tax payments and for a temporary employer payroll tax holiday. 

Additionally, automakers are seeking to expand and extend expensing for equipment and machinery while at the same time delaying the June 1 implementation date for the USMCA.