Source: United States Senator for Maryland Ben Cardin
February 07, 2022
The Full Text of The Senators’ Letter Can Be Found Here
WASHINGTON – Today, U.S. Senators Ben Cardin (D-Md.) joined Sherrod Brown (D-Ohio) who led a group of colleagues in a follow-up letter to U.S. Department of Treasury Secretary Janet Yellen, urging her to provide tax relief to auto dealers experiencing inventory shortages due to global supply chain issues. Pandemic-related supply chain disruptions have impacted businesses and consumers, with slow-downs and factory closures, particularly with semiconductors, leaving businesses with drastically lower inventories. These disruptions could leave auto dealers in Ohio and across the country with unexpected tax liability if not addressed. The senators’ letter is a follow-up to a letter they sent to Sec. Yellen in November.
“The automotive industry continues to face dramatic and unprecedented inventory shortages due to the pandemic and foreign supply chain disruptions, and it will take many months for affected local businesses, employees, and their customers throughout our states and across the country to recover,” wrote the senators. “Granting Sec. 473 relief will help protect the auto industry and all its workers. Thank you again for your efforts to ensure a speedy economic and automotive recovery.”
“On behalf of Ohio’s 800+ franchised auto dealers, 55,000+ employees and the communities that rely on dealer investment, we appreciate Senator Brown’s leadership to provide stability to small businesses managing hugely depleted inventories due to the impacts of unprecedented foreign supply chain disruptions and the lingering shortage of semiconductor chips. Granting temporary LIFO relief due to these pandemic-related conditions will strengthen the retail auto industry and protect the investments and jobs in the local economies they serve,” said Zach Doran, President, Ohio Automobile Dealers Association (OADA).
Letter was also signed by Ron Wyden (D-Ore.), Amy Klobuchar (D-Minn.), Patty Murray (D-Wash.), Angus King (I-Maine), Catherine Cortez Masto (D-Nev.), Alex Padilla (D-Calif.), Chris Van Hollen (D-Md.), Tina Smith (D-Minn.), Richard Blumenthal (D-Conn.), Jacky Rosen (D-Nev.), Dianne Feinstein (D-Calif.), Tim Kaine (D-Va.), Tammy Baldwin (D-Wis.), Raphael Warnock (D-Ga.), Debbie Stabenow (D-Mich.), Gary Peters (D-Mich.), and Bob Casey (D-Pa.).
The full text of the senators’ letter can be found here.
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