RMA applauds house action on tire excise tax repeal.The Rubber Manufacturers Association commended the House of Representatives for its historic action in voting to repeal the excise tax Excise Tax 1. An indirect tax charged on the sale of a particular good. 2. A penalty tax applied to ineligible transactions in retirement accounts. This penalty is assessed by and paid to the IRS. Notes: 1. on highway use truck tires. The repeal provision is part of HR 2400, the Building Efficient Surface Transportation & Equity Act, which reauthorizes the Federal Aid Highway Program for an additional six years. The bill provides federal aid to highways and mass transit mass transit, public transportation systems designed to move large numbers of passengers. Types and Advantages Mass transit refers to municipal or regional public shared transportation, such as buses, streetcars, and ferries, open to all on a and was overwhelmingly adopted by the House on April 1. Under the House-passed legislation, the excise tax on truck tires would be extended one year beyond its current scheduled termination date termination date, n See expiration date. of September 30, 1999, and would be repealed effective October 1, 2000. The Senate passed its version of the legislation earlier, without including the tire excise tax repeal provision. Differences between the two bills will be worked out in a House-Senate conference. The RMA's board of directors approved the applications of the following four companies: Datwyler Rubber & Plastics of Marion, SC; Exxon Chemical Americas, a division of Exxon Chemical, a division of Exxon of Houston, TX; Superior Tire & Rubber of Warren, PA; and Teknor Apex of Pawtucket, RI. Donald B. Shea, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of the RMA (RealMedia Architecture) See RealMedia. , announced that the RMA's board of directors unanimously approved a proposal to reorganize re·or·gan·ize v. re·or·gan·ized, re·or·gan·iz·ing, re·or·gan·iz·es v.tr. To organize again or anew. v.intr. To undergo or effect changes in organization. and expand its current membership categories to include suppliers to the tire and rubber industry. The RMA will re-organize its current membership structure into three membership categories, including manufacturer, supplier and affiliate. A manufacturer member is defined as manufacturers of finished rubber products. A supplier member is defined as a company that manufactures and/or supplies materials needed to make finished rubber products. An affiliate member is defined as a company that is otherwise involved with tire/rubber manufacturing, such as tire im-porters, tread rubber manufacturers and others. |
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