FIA, SEMA Join Forces to Shape US Auto Safety Regulations
A new partnership between two major auto industry organizations is poised to change the way Americans buy, rent, operate, accessorize and repair their vehicles. The Fédération Internationale de l'Automobile (FIA), a non-profit global governing body for motorsports, has accepted the Specialty Equipment Market Association (SEMA) as a full member to represent the U.S.
The working agreement is designed to give an amplified voice to the auto industry, which has a $337 billion annual impact, in the country.
"This alliance unites two powerful forces. SEMA's deep connection to American car culture and the FIA's global leadership in mobility and safety. Together, we are shaping US transportation policy to better serve everyday consumers. As decisions are made at both national and international levels about the future of mobility, we're at the table to ensure the voice of real car owners is heard, championing innovation, safety, personal freedom, and sustainable growth through thought leadership and global best practice," Willem Groenewald, FIA secretary general for mobility, told Newsweek.
There are five areas the partnership has eyed to impact: safer vehicles, a unified voice, aftermarket freedom of choice, economic opportunity and protecting motoring heritage.
A driver uses the Super Cruise hands-free advanced driver assistance system in an Escalade IQ SUV.
A driver uses the Super Cruise hands-free advanced driver assistance system in an Escalade IQ SUV.
General Motors
In its crosshairs are real world applications for advanced driver assistance systems (ADAS). "As cars are increasingly equipped with ADAS, and globally we are seeing a clear advancement in autonomous vehicles, having both SEMA and the FIA at the table ensures that safety standards reflect real-world driving needs, not just abstract regulations. Safer, more reliable systems that are driver focused, with both organizations working as independent consumer champions," Groenewald said.
When it comes to rulemaking, the partnership is expected to be particularly fruitful. "The combined credibility of SEMA and FIA will help ensure we have a seat at the table for these discussions, particularly as discussions kick off to reauthorize the Federal Highway Bill. That bill will have major implications to transportation policy, with particular focus on mandated technology in new vehicles," Karen Bailey-Chapman, SEMA's senior vice president for public and government affairs, said.
Bailey-Chapman used the example of the recent passage of a law in California to show the might of the partnership. "We're also already seeing the impact of this relationship in California, where FIA submitted a letter of support for Leno's Law (SB 712), which seeks to preserve California's rich automotive history by exempting vehicles 35 years or older from the state's stringent smog check requirements, ensuring that these iconic cars remain on the road and remain a part of California's cultural identity when entered into private vehicle collections."
"With less than one percent of vehicles in the state eligible under this law, the environmental impact would be negligible, yet this is a key step in protecting historic vehicles and aligning with legislation cross-globally," Groenewald added.
The partnership intends to make the drivers of today and tomorrow in focus, to be their voice and advocates. "Drivers need someone in their corner who can speak to their needs as vehicle owners, and that's a role that SEMA and FIA have played for years. It can be seen in how closely aligned our organizations are on issues like preserving automotive culture, of finding ways to embrace and foster new automotive technologies and innovation in a practical way, and in preserving the rights of families and businesses to choose the vehicles that are best for them," Bailey-Chapman said.
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What the Senate Republican tax-and-spending bill means for your money
Senate Republicans on Tuesday approved their version of President Donald Trump 's multitrillion-dollar tax-and-spending package, which could broadly impact millions of Americans' wallets. Similar to the House's One Big Beautiful Bill Act advanced in May, the Senate legislation aims to make permanent Trump's 2017 tax cuts, while adding new tax breaks for tip income, overtime pay and auto loans, among other provisions. If enacted, the bill could also slash spending on social safety net programs such as Medicaid and SNAP, end tax credits tied to clean energy and overhaul student loans. The spending package could still see changes as it returns to the lower chamber for approval. But a House floor vote could come this week to meet Trump's July 4 deadline. Here are some of the key provisions to watch — and how those measures could affect household finances. How to read this guide Follow along from start to finish, or use the table of contents to jump to the section(s) you want to learn more about. 'SALT' deduction Since 2018, the $10,000 cap on the state and local tax deduction, known as SALT, has been a critical issue for certain lawmakers in high-tax states such as New York, New Jersey and California. The SALT deduction — which lets taxpayers who itemize deduct all or some of their state and local income and property taxes — was unlimited for filers before 2018. But the alternative minimum tax reduced the benefit for some wealthier Americans. A sticking point for some House lawmakers, the lower chamber approved a permanent $40,000 SALT limit starting in 2025. That benefit begins to phaseout, or decrease, for consumers who have more than $500,000 of income. The Senate version of the bill would also lift the cap to $40,000 starting in 2025. It also begins to phaseout at $500,000. Both figures would increase by 1% yearly through 2029, and the $40,000 limit would revert to $10,000 in 2030. If you raise the cap, the people who benefit the most are going to be upper middle-income. "If you raise the cap, the people who benefit the most are going to be upper middle-income," since lower earners typically don't itemize tax deductions, Howard Gleckman, senior fellow at the Urban-Brookings Tax Policy Center, previously told CNBC. The Senate bill also preserves a SALT cap workaround for pass-through businesses, which allows owners to avoid the $10,000 SALT limit. By contrast, the House bill would eliminate the strategy for certain white-collar professionals. — Kate Dore The child tax credit gives families with qualifying dependent children a tax break. It's a credit, so it reduces their tax liability dollar-for-dollar. Trump's 2017 tax cuts temporarily boosted the maximum child tax credit to $2,000 from $1,000, an increase that will sunset after 2025 without an extension from Congress. If enacted, the Senate bill would permanently bump the biggest credit to $2,200 starting in 2025 and index this figure for inflation starting in 2026. Momo Productions | Getty Meanwhile, the House version of the bill lifts the top child tax credit to $2,500 from 2025 through 2028. After 2028, the credit's highest value would revert to $2,000 and be indexed for inflation. However, the proposed bills wouldn't help 17 million children from low-income families who don't earn enough to claim the full credit, according to Elaine Maag, senior fellow in the Urban-Brookings Tax Policy Center. — Kate Dore Older Americans may receive an extra tax deduction under the legislation. Both the House and Senate called for a temporary enhanced deduction for Americans ages 65 and over, dubbed a "bonus," in their respective versions of the "big beautiful" bill. The Senate proposed raising the deduction to $6,000 per qualifying individual, up from $4,000 proposed by the House. The full deduction would be available to individuals with up to $75,000 in modified adjusted gross income, and $150,000 if married and filing jointly. Notably, the Senate version would phase out at a faster rate for taxpayers who are above those thresholds. Ultimately, middle-income taxpayers may benefit most from the enhanced deduction, Howard Gleckman, senior fellow at the Urban-Brookings Tax Policy Center, recently told CNBC. 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Many states would be required to pay a percentage for food benefits to make up for the federal funding cuts. If they cannot make up for the funding losses, that could result in cuts to SNAP benefits or states opting out of the program altogether, according to CBPP. The Senate proposal also seeks to expand existing work requirements to include adults ages 55 to 64 and parents with children 14 and over. Based on current rules, most individuals cannot receive benefits for more than three months out of every three years unless they work at least 20 hours per week or qualify for an exemption. For about 600,000 low-income households, food benefits could be cut by an average of $100 per month, according to CBPP. — Lorie Konish The Senate's version of Trump's budget bill also included a new savings account for children with a one-time deposit of $1,000 from the federal government for those born in 2024 through 2028. 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The bill would also nix the unemployment deferment and economic hardship deferment, both of which student loan borrowers use to pause their payments during periods of financial difficulty. — Jessica Dickler and Annie Nova The Senate bill creates a tax deduction for car loan interest, similar to a provision in the House bill. Certain households would be able to deduct up to $10,000 of annual interest on new auto loans from their taxable income. The tax break would be temporary, lasting from 2025 through 2028. There are some eligibility restrictions. For example, the deduction's value would start to fall for individuals whose annual income exceeds $100,000; the threshold is $200,000 for married couples filing a joint tax return. Cars must also be assembled in the U.S. In practice, the tax benefit is likely to be relatively small, experts said. 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Mario Tama | Getty Images Many tax breaks on the chopping block were created, extended or enhanced by the Inflation Reduction Act, a 2022 law signed by former President Joe Biden that provided a historic U.S. investment to fight climate change. The tax breaks are currently slated to be in effect for another seven or so years, through at least 2032. — Greg Iacurci Section 199A pass-through business deduction Another key provision in the House and Senate bills could offer a bigger deduction for so-called pass-through businesses, which includes contractors, freelancers and gig economy workers. Enacted via Trump's 2017 tax cuts, the Section 199A deduction for qualified business income is currently worth up to 20% of eligible revenue, with some limits. This will expire after 2025 without action from Congress. The House-approved bill would make the provision permanent and expand the maximum tax break to 23% starting in 2026. Meanwhile, the Senate measure would make the deduction permanent but keep it at 20%. — Kate Dore
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an hour ago
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Jean Chatzky reveals major 401(k) changes happening now
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Miami Herald
an hour ago
- Miami Herald
Federal Reserve chair sends strong message on July interest rate cut
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Powell's term as chair is up in May 2026, and his separate term as a member of the Fed's Board of Governors expires in January 2028. Despite the president making aggressive demands for months, Powell has said he won't resign as chair. Related: Fed official sends strong message on interest rate cuts The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
