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December 16, 2015 FacebookTwitterFlickrRSSSEND TO A FRIENDPRINT
Inside this issue
Congress on Verge of Passing Major Tax Deal
Toyota Plans to Sell More Than 10 Million Vehicles Next Year
NHTSA to Meet with Automakers Over Safety Recall Lapses
GM to Invest $356.4 Million in 3 Mich. Plants
China Seen Laying Down $15 Billion Bet on Electric Vehicles
Ford to Test Self-Driving Cars in Calif.
Top Stories
Congress on Verge of Passing Major Tax Deal

Lawmakers unveiled a $650 billion tax-cut package late Tuesday that would offer breaks to everyone from big banks to school teachers to small businesses to the working poor, in what would be the biggest tax agreement since the fiscal cliff deal.

The bipartisan legislation, which lawmakers have been working on in secret for weeks, would make several temporary business provisions backed by Republicans a permanent part of the tax code.

The dozens of tax extenders that make up the bulk of the measure would get renewals of varying lengths. More than a dozen would be made permanent, including a deduction for state and local sales taxes; expansions of the American Opportunity Tax Credit; so-called Section 179 investment writeoffs for small businesses; a deduction for teachers' expenses; a provision known as the "exception from subpart F income for active financing income" that allows multinational banks to defer taxes; and various charitable provisions.

Others would get five-year renewals, including "bonus depreciation," which gives companies extra-large writeoffs for investment expenses; the New Markets Tax Credit; the Work Opportunity Tax Credit; and a provision important to multinational corporations known as the "CFC look-through rule."
Source: Politico

Editor's note: A House vote on this bill is expected Thursday evening. NADA has been involved in efforts to make the “Section 179” business expensing permanent and supports the five-year renewal of “bonus depreciation.” For more details on the agreement see House Ways and Means Committee summary on Sec. 179 (Section 124 of the summary) and bonus depreciation (Section 143 of the summary).
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Toyota Plans to Sell More Than 10 Million Vehicles Next Year

Toyota is expecting to sell more than 10 million vehicles in 2016 but little changed from what it expects to sell this year. Toyota Motor Corp., the world's top-selling automaker for the last three years straight, said Wednesday it expects sales of 10.114 million vehicles next year and 10.098 million this year. Volkswagen AG, which overtook Toyota in sales in the first half of the year, suffered in the second half from an emissions cheating scandal. Its diesel cars were found equipped with software that cheated emissions tests. Last year, Toyota, which makes the Prius hybrid, Camry sedan and Lexus luxury models, sold 10.23 million vehicles.
Source: Associated Press
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NHTSA to Meet with Automakers Over Safety Recall Lapses

NHTSA is hoping automakers will voluntarily agree to recall reforms

U.S. auto safety officials are planning to meet with a group of automakers in Chicago on Wednesday to discuss recall procedures and cyber security issues, according to two people briefed on the matter and media reports. The National Highway Traffic Safety Administration plans to propose improvement to safety recalls and recall completion rates and want voluntary agreement from the automakers, according to a person briefed on the meeting who was not authorized to speak about it publicly. NHTSA wants to announce the agreement on Jan. 15 at the North American International Auto Show in Detroit, according to Reuters, which was first to report the details of the planned meeting.
Source: Detroit Free Press

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GM to Invest $356.4 Million in 3 Mich. Plants

Flint, Saginaw, Grand Rapids plants part of plans

General Motors plans to invest $356.4 million in three Michigan plants, part of a pact with the governor’s administration to cap the value of state business tax credits it receives. The $356 million investment adds to $5.4 billion that GM announced last spring in factory upgrades planned over three years. GM is the last of the Detroit 3 automakers to negotiate a limit on the Michigan Economic Growth Authority credits first awarded in 2009. The state did not release the value of the cap.
Source: Crain's Detroit Business
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China Seen Laying Down $15 Billion Bet on Electric Vehicles

China has found electric cars a tough sell even after lavishing consumers with subsidies and privileges. After almost certainly failing to meet a target to have half a million of such vehicles on its roads by year end, its next act is to achieve a 10-fold increase by the end of the decade. The electric vehicles in service will fall about 26 percent short of its year-end target, according to estimates from the science ministry and state-backed auto association. To meet its 2020 goal of five million EVs, the government will speed up the construction of charging stations, reducing a major inconvenience for urban residents who don’t have personal garages to charge their cars.
Source: Bloomberg
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Ford to Test Self-Driving Cars in Calif.

Ford Motor Co. will begin test-driving fully autonomous Fusion hybrids on California roads in 2016, the Dearborn automaker announced Tuesday night. Ford has been testing driverless cars in some capacity for 10 years, and earlier this year became the first automaker to test a fully autonomous Fusion at Mcity, an Ann Arbor automotive proving ground intended to help Michigan lead in driverless-car technology. Google has been testing its own autonomous vehicle in California since 2009.
Source: The Detroit News
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Quotable
"China will be the epicenter for electrification of the auto industry globally."

    -- Bill Russo, Shanghai-based managing director at Gao Feng Advisory Co., who estimates that China would have invested $15.5 billion by 2020 on new-energy vehicles, Bloomberg, Dec. 15

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