Law Makers Prepare Industry Aid Bill
November 12, 2008
Key members of Congress said today they are preparing emergency legislation that would provide more federal aid to the auto industry. House Speaker Nancy Pelosi (D-Calif.) said a bill is being drafted to provide “emergency and limited financial assistance” to the industry as part of a $700 billion financial rescue program already on the books. Separately, Sen. Barbara Mikulski (D-Md.) is planning to announce Wednesday a bill that would make automobile loan interest deductible from federal taxes, Automotive News has learned. The proposal is part of a package of ideas the National Automobile Dealers Association advocates to boost business at dealerships and lift the nation’s economy. Maryland dealers deserve credit for getting the proposal on interest deductions introduced in Congress, said NADA spokesman Bailey Wood. Wood said NADA is working with Congress on other proposals to aid dealers. NADA seeks tax credits for car and truck buyers and faster write-offs for businesses that buy vehicles.
Source: Automotive News
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