July 28, 2017—The Auto Care Association (ACA) said it is pleased and relieved to see that several lawmakers have negotiated tax reform framework and removed the border adjustment tax from consideration.
ACA had expressed disappointment in the past over a proposed five-year transition plan for the border adjustment tax, claiming it would significantly increase auto repair and maintenance costs for the average car owner in the United States and result in a $20 billion per year tax increase on automotive parts.
“This is great news for our members and the $360 billion auto care industry”, said Bill Hanvey, president and CEO of ACA. “I want to thank those members who tackled this issue head-on by scheduling meetings with their legislators, writing letters and making phone calls. Their time commitment and dedication to the cause was phenomenal and they should all be proud of their efforts. We are grateful that we now have the opportunity to work with Congress and the administration to reform the outmoded tax code that is a burden to all of us.”
The tax reform framework was negotiated by House speaker Paul Ryan, Senate majority leader Mitch McConnell, treasury secretary Steven Mnuchin, National Economic Council irector Gary Cohn, Senate Finance Committee chairman Orrin Hatch, and House Ways and Means Committee chairman Kevin Brady.
