U.S. industry groups, confronted with the economic damage wrought by the COVID-19 pandemic, have started asking lawmakers for more targeted tax relief.
The requests, which come as Congress is starting work on the next coronavirus relief package, are likely to intensify in the coming months as businesses map out their plans for a post-pandemic world.
The alcoholic beverage, trucking, and clean energies industries are some U.S. industry groups seeking more targeted tax relief.
- Distillers want Congress to suspend the federal excise taxes on domestic and imported distilled products while making permanent an excise tax break for craft beverages and others that expires at the end of 2020.
- The National Waste and Recycling Association, the National Retail Federation and dozens of other national and state organizations and companies want Congress to suspend a 12% federal excise tax on new heavy-duty trucks and trailers.
- A bipartisan group of senators has urged Treasury to extend a deadline for production tax credits and investments tax credits that is in use by some clean energy industries.
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by kaustuv basu and colin wilhelm
may 6, 2020