Hoeven Outlines Benefits of Tax & Regulatory Relief for Automobile Dealers
Senator Provides Updates on Farm Bill Conference Committee, Efforts to Secure Better Trade Deals
FARGO, N.D. – At the annual meeting of the Automobile Dealers Association of North Dakota today, Senator John Hoeven outlined the benefits of the tax and regulatory relief passed by Congress for auto dealers and small businesses across the state and nation. Among other things, the senator highlighted two measures he worked to secure over the past year to support auto dealers and the customers they serve in North Dakota:
- Securing a Hoeven amendment in the tax relief bill to allow implement and auto dealers to fully expense interest on inventory.
- Providing relief for auto lenders by repealing a burdensome Consumer Financial Protection Bureau (CFPB) regulation through legislation Hoeven cosponsored, which was recently signed into law. The CFPB implemented the rule without public input and bypassed the normal rulemaking process. Further, the law which created the CFPB specifically exempted auto lenders.
“Tax and regulatory burdens hold back our economy and make it harder for our nation’s businesses to grow and succeed,” Hoeven said. “That’s why providing relief in the tax code and from unnecessary federal rules has been a top priority throughout this session of Congress. For our auto dealers, we passed my amendment allowing them to expense the interest on their inventory and have also repealed a CFPB rule that would have limited credit availability and increased costs for consumers. These efforts will ultimately benefit dealers, their employees and consumers – a win across the board.”
During today’s remarks, Hoeven stressed how combining tax and regulatory relief helps reduce operating costs, empowering businesses to invest in their operations and hire more workers, while also increasing wages through greater demand for labor. This results in more money in the pockets of hardworking individuals and families, a growing economy and greater government revenues at the local, state and federal levels.
Farm Bill & Trade Updates
Hoeven also highlighted his work as a member of the Senate-House farm bill conference committee, to which he was named as he is the fourth highest ranking majority member of the Senate Agriculture Committee and the chairman of the Senate Agriculture Appropriations Committee. The senator joined the first meeting of the conference committee last week, where he outlined the priorities he is working to include in the final version of the farm bill. These include strong crop insurance, measures from both the Senate and House bills to improve Agriculture Risk Coverage (ARC) & Price Loss Coverage (PLC), trade access programs, agriculture research and expanded access to credit.
The senator underlined the importance of quickly passing a strong farm bill, not only to provide certainty for agriculture producers, but also to benefit the entire state and nation. He emphasized that a strong farm economy helps bolster business growth across sectors.
In addition, Hoeven updated the auto dealers on the progress of trade negotiations with Canada and Mexico. Last month, the administration announced that it had reached a preliminary agreement with Mexico on central aspects of a North American Free Trade Agreement (NAFTA) renegotiation. Under fast-track authority, this deal will receive expedited consideration in Congress and require only simple majority votes in the House and Senate for passage. The U.S. and Canada are continuing high-level negotiations, with the hope of reaching an agreement to add Canada to the deal soon.
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