Exhibition and Convention Alliance releases 2025 tax reform
Submitted by Tommy Goodwin, Exhibition and Convention Alliance WASHINGTON, D.C. – With tax reform likely to be the top policy issue in Washington, D.C., next year, the Exhibition & Convention Alliance (ECA) has released its Tax reform priorities for the business and professional activities sector in 2025. “From driving growth and investment to helping us create new jobs, the tax law has a huge impact on our industry in the United States,” said Hervé Sedky, president, CEO and ECA board chairman of Emerald Holding Inc. Director. "The 2025 tax reform debate is an important opportunity for policymakers to increase the global competitiveness of American industry and ensure that we can continue to be a growth engine for small businesses and entrepreneurs across the country." By 2025, the business and professional events industry will employ more than 2.6 million Americans and drive more than $426 billion in spending nationwide. The industry also pays $51 billion in federal taxes and $79 billion…
California to reinstate EV rebate if Trump rolls back tax
Elon Musk calls Tesla potentially excluded from rebate program 'crazy' go through Brad Anderson 4 hours ago There are reports that the Trump team is pushing to eliminate the $7,500 federal electric vehicle tax credit. California officially ended its clean vehicle rebate program as early as 2023. Funding for California’s revised rebate program will come from the Greenhouse Gas Reduction Fund. California Governor Gavin Newsom announced that if President-elect Donald Trump proceeds to eliminate the federal electric vehicle tax credit, the state will reinstate its clean vehicle rebate program to enable local buyers to purchase electric vehicles. Surprisingly, Tesla, the state's main electric car maker, appears to be excluded from the rebate. As expected, the decision has sparked a backlash from Elon Musk. The Clean Vehicle Program was phased out in 2023, but during its operation, more than 594,000 vehicles were funded and more than 456 million gallons of fuel saved. It provides subsidies of up to $7,500 on ZEV…
Ford, GM, Stellantis, Toyota plead with Trump not to cut EV tax
Automakers that have invested billions in electric technology now fear they will lose competitiveness if the new administration abandons customer incentives go through Chris Chilton November 23, 2024 11:00 A group of leading automakers is urging the incoming Trump administration to preserve tax credits for electric vehicles. Ford, General Motors, Stellantis, Toyota, Volkswagen and others say they are concerned about the threat posed by subsidized electric vehicles from China. The companies also said they want to speed up the development of self-driving cars and cancel the autonomous emergency braking mandate in 2029. U.S. automakers have joined forces to ask Donald Trump not to eliminate electric vehicle tax credits when he takes office next January. Volkswagen, General Motors, Toyota Motor and other companies have invested tens of billions of dollars to develop electric vehicles and retrofit factories to produce them, fearing they will lose competitiveness if the incoming Republican administration eliminates the sweetener. In a Nov. 12 letter to Trump, the…
Is time running out for the $7,500 electric vehicle tax credit? expert
Automakers heavily invested in U.S. electric vehicle production are bracing for the impact of Trump's reforms. Elon Musk has previously supported repealing the tax credit. Some experts are warning electric car buyers to act quickly because the $7,500 tax credit could soon disappear. Will the much-touted electric vehicle tax credit of the Biden era disappear when President-elect Donald Trump occupies the Oval Office early next year? This is a looming question for consumers and automakers who rely heavily on these subsidies to accelerate the transition to electric vehicles. var adpushup = window.adpushup = window.adpushup || {que:()}; adpushup.que.push(function() { if (adpushup.config.platform !== "DESKTOP") { adpushup.triggerAd("4d84e4c9 -9937-4f84-82c0-c94544ee6f2a"); } else{ adpushup.triggerAd("6a782b01-facb-45f3-a88f-ddf1b1f97657"); The Inflation Reduction Act (IRA) signed by President Joe Biden in 2022 provides a lifeline to the emerging electric vehicle market, providing federal tax credits through 2032. Buyers of new electric vehicles currently receive credits of up to $7,500, while buyers of used electric vehicles can claim up to $4,000. The program…
Trump reportedly wants to eliminate $7,500 electric vehicle tax credit and
A new report suggests President Trump will try to eliminate the $7,500 electric vehicle tax credit when he returns to the White House next year. Tesla, whose CEO Elon Musk is a big supporter of Trump, is said to support the move. Eliminating the tax credit could have a devastating impact on electric vehicle sales, automakers and autoworkers. President-elect Trump is preparing to return to the White House, which means big changes for the auto industry after years of a government-backed electric vehicle push. While specific details remain unclear, it appears the incoming administration wants to end the $7,500 federal tax credit. var adpushup = window.adpushup = window.adpushup || {que:()}; adpushup.que.push(function() { if (adpushup.config.platform !== "DESKTOP") { adpushup.triggerAd("4d84e4c9 -9937-4f84-82c0-c94544ee6f2a"); } else{ adpushup.triggerAd(" 6a782b01-facb-45f3-a88f-ddf1b1f97657"); } }); Reuters cited two people familiar with the matter as saying that Trump's transition team aims to eliminate the electric vehicle tax credit as part of a larger tax reform plan. Tesla is said to support…
Tax restructuring: How business asset disposal relief is changing
The potential abolition of Business Asset Disposal Relief (BADR) and changes to Capital Gains Tax (CGT) could have a significant impact on the UK events and exhibitions industry, particularly in relation to mergers and acquisitions (M&A). While the changes remain speculative, two industry experts provide insights into how deal structures, valuations and the broader M&A landscape are changing.Impact on M&A volume and deal structureConnor Agnew, managing director and head of UK corporate finance at Collingwood, said the immediate impact of scrapping BADR on deal volumes was likely to be limited. Agnew said the £100,000 cap on tax relief under BADR would be less relevant for larger deals, which are common in the events industry. However, he stressed that a significant increase in capital gains tax, which could be as high as 39%, could have a bigger impact.bigger deal: Agnew believes that in large transactions, the relief brought by BADR is relatively small, while deal complexity and valuation have a greater…
Trump will only give tax breaks to U.S.-made cars
Donald Trump has promised to give American car buyers tax breaks, but only if they buy American-made cars. Cars made in Europe or Asia will not be eligible for aid, but cars built in the United States by foreign-owned automakers may be eligible. Trump believes allowing buyers to deduct auto loan interest from their federal tax bills will boost domestic auto production. Kamala Harris has won the support of the United Auto Workers union in her bid to become the first female president of the United States, but her rival Donald Trump is trying to woo car buyers by offering financial benefits. And not just building cars. However, there is a problem. Under Trump's proposal, only U.S.-made cars, trucks and SUVs would be eligible for tax breaks. var adpushup = window.adpushup = window.adpushup || {que:()}; adpushup.que.push(function() { if (adpushup.config.platform !== "DESKTOP"){ adpushup.triggerAd("4d84e4c9 -9937-4f84-82c0-c94544ee6f2a"); } else{ adpushup.triggerAd(" 6a782b01-facb-45f3-a88f-ddf1b1f97657"); } }); Trump plans to let car buyers deduct auto loan interest from…
Delhi Congestion Tax Scheme – Aims to reduce traffic and
The Delhi government is preparing to introduce a congestion tax as part of its efforts to tackle the city's worsening traffic and pollution problems. With rapid urbanization and increasing number of vehicles on the roads, traffic congestion has become a serious problem in major metropolitan areas such as Delhi, Mumbai and Bangalore. Not only does congestion lead to traffic delays and long commutes, it also significantly contributes to air pollution, which has become a major problem in the capital.congestion chargingIn response to this issue, the Delhi government is formulating a congestion pricing policy that aims to reduce traffic during peak hours by charging drivers to use specific roads or routes in high-demand areas. The move is not just about raising revenue, but also about encouraging the use of public transport and alternative, less congested routes. The authorities hope to smooth traffic and improve air quality by implementing congestion charging.The pilot phase targets key entry pointsThe pilot scheme is planned to…
Trump says he’ll make car loan interest tax deductible
Donald Trump says he will make car loan interest tax deductible. Specific details are scarce, but it is believed the program will mimic the mortgage interest deduction. If implemented, the move could save borrowers money and encourage sales. The 2024 presidential election will go down in history as a time when we saw last-minute troop withdrawals, two assassination attempts, and a plethora of bizarre events. While the substance has largely been set aside, Donald Trump recently raised an interesting idea while speaking at the Economic Club of Detroit. var adpushup = window.adpushup = window.adpushup || {que:()}; adpushup.que.push(function() { if (adpushup.config.platform !== "DESKTOP"){ adpushup.triggerAd("4d84e4c9 -9937-4f84-82c0-c94544ee6f2a"); } else{ adpushup.triggerAd(" 6a782b01-facb-45f3-a88f-ddf1b1f97657"); } }); In a speech that lasted nearly two hours, the former president said he would make auto loan interest tax deductible. Trump did not reveal specifics, but it sounds similar to the home mortgage interest deduction that has been around for more than a century. MORE: Trump now threatens 200% tariffs…
ICYMI: G7 releases guidance on preventing tax evasion
The United States, Canada, France, Germany, Italy, Japan, the United Kingdom and the European Union (G7) have issued joint industry guidance on preventing the evasion of export controls and sanctions to Russia.The goal of this guidance is to protect common high-priority checklist items from misappropriation, prevent reputational damage, and reduce liability risk. The guidance is designed to assist industry in complying with multilateral export controls and sanctions and identifying evolving tax evasion practices in Russia.The guidance outlines three priority areas: higher-risk items being diverted to Russia, red flag indicators of potential tax evasion, and best practices for addressing red flags.1. Common High Priority List (CHPL)The European Union, Japan, the United Kingdom and the United States have developed CHPL to identify higher-risk items illegally transferred to Russia. Projects include:integrated circuitnavigation instrumentdigital cameratransistorsignal generatormilling machinePlease view the full CHPL here.2. Red Flag IndicatorsThe G7 identified the following red flags for potential export controls and sanctions evasion:Sudden changes in business activities after February…
Karnataka plans tax breaks, incentives for hybrid vehicles
Karnataka plans to boost sales in clean mobility segment with this initiativeKarnataka, one of the leading states in India in the adoption of electric vehicles, is gearing up to roll out a comprehensive policy to promote clean transportation. The state's new policy draft shows plans to significantly reduce taxes on hybrid vehicles and provide financial incentives to companies engaged in the clean mobility industry, including manufacturers of electric vehicles and their parts.The proposed move marks a significant shift from India's current emphasis on all-electric vehicles to include hybrids. The development could benefit carmakers such as Toyota, which has been lobbying for greater support for hybrid technology in India. Karnataka's move could make it the second state after Uttar Pradesh to provide tax breaks for hybrid vehicles. The policy proposes to remove road tax and registration fees for hybrid cars priced below Rs. 25 lakh, currently a tax of 13% to 18% is levied.The driving force behind hybrid carsWhile India has…
300,000 electric cars apply for $2 billion in tax breaks, and you can help
Under the old system, EV buyers would only receive the credit after filing their tax return the following year. go through Brad Anderson 10 hours ago New electric vehicles in the United States are eligible for tax credits of up to $7,500, while used electric vehicles can receive tax credits of up to $4,000. The United States has provided generous credits to about 300,000 electric vehicles this year. The vast majority of EV buyers transfer their points to the dealer immediately. The United States has provided more than $2 billion worth of tax credits to electric car buyers this year, most of which are redeemed at the time of purchase. While the credit is good news for consumers, newly released data does show how much it's costing the federal government and taxpayers. Tax credits of up to $7,500 have been provided to more than 250,000 new electric vehicles since Jan. 1, while an additional 50,000 are eligible for rebates of…
Big tax cut or cheated? unveiling
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Ferrari chairman’s assets seized in tax fraud investigation
Ferrari chairman John Elkann is one of five people whose assets have been seized by an Italian judge in an ongoing investigation into alleged tax fraud by his family. Reuters Elkann, who also serves as chairman of automotive group Stellantis, and his two siblings are accused of failing to pay taxes in Italy on assets worth nearly 75 million euros ($123 million) they inherited in 2019 following the death of their grandmother, Marella Caracciolo. Ms Caracciolo is the wife of Fiat boss Gianni Agnelli, who built the brand founded by his grandfather into an industrial giant in the 1960s and became the parent company of Ferrari. Hundreds of new car deals available through Automotive Expert Act now. Let the experts work for you and reap the rewards. Browse now. John Elkann According to the news outlet, there is currently a dispute between the Elkann siblings (John, Lapo and Ginevra) and their mother, Margherita Agnelli, over the death of Gianni Agnelli…
A guide to the tax impacts of 2024
India introduced GST in 2017, which had a huge impact on the automotive industry. The selling price of a new car has changed dramatically. GST is a single indirect tax that replaced multiple taxes such as excise duty, value-added tax and central sales tax, simplifying the tax structure and directly affecting the final cost of a vehicle. Understanding Goods and Services Tax (GST) Before discussing the impact of GST on the price of new cars, let’s first have a brief understanding of what GST is. GST refers to the consumption tax levied on the supply of goods and services in India. Goods and services have a floating tax rate under GST. This depends on the type of goods and services. In the case of car prices, it depends on many factors. Such as the engine capacity, length of the car, and the type of fuel used. Also read: The Ultimate Guide: Buying a New Car 2024 GST rates for automobiles…
Canada to impose 100% additional tax on Chinese electric vehicles
Canada imposes high taxes on Chinese electric vehicles to protect its auto industry Canada has announced plans to impose an additional 100% tax on Chinese electric vehicles, which would be added to the current 6.1% import tariff. The move is aimed at protecting the country's automotive industry, which employs more than 125,000 people. Canadian officials said the move was necessary because Chinese companies benefited from "unfair, non-market policies and practices." In response to China-made electric cars being the latest nightmare, Canada’s Department of Finance announced a series of “level playing field measures.” The biggest of these is a 100% surcharge on all Chinese-made electric cars effective October 1. The tax will be in addition to the current 6.1% import tariff on certain electric and hybrid "passenger cars, trucks, buses and delivery vans." In addition, the government announced plans to impose a 25% surcharge on steel and aluminum products imported from China starting October 15. Additional surcharges may be imposed as…
Understand the basics of customs tax refund
By Shawna Karajic, Export Solutions Inc. Duty Drawback is probably the most underutilized drawback program of the U.S. Customs. Most companies tend to seek to save on duty on the front end when importing goods into the U.S. With Duty Drawback, you can get a full refund of duty on the back end. It's a bit like filing your personal taxes. Throughout the year you pay taxes on every paycheck you receive. Then, when it's time to file your taxes, you look for all the deductions that can help reduce your tax liability. If you're lucky enough, you'll get a big payout from Uncle Sam. The tax refund process is similar. What is a tax refund? According to U.S. Customs, “Drawback is a refund of certain duties, internal taxes, and certain fees imposed when goods are imported and refunded when goods are exported or destroyed.” The duty rebate is not new. It is one of the oldest programs in the…
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