Legislation Would Lower Tire Retread Costs

U.S. Reps. Darin LaHood (R-IL) and Emilia Sykes (D-OH) introduced legislation in June to lower tire costs by providing a tax credit for purchasing retreaded tires.

The legislation, “Retreaded Truck Tire Jobs, Supply Chain Security and Sustainability Act,” would provide U.S. consumers with tax credits for purchasing tires that have had the tread on them replaced.

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The U.S. Tire Manufacturers (USTMA) applauds the bipartisan work of Reps. LaHood and Sykes to introduce this bill in the U.S. House of Representatives.

“By providing tax credits to fleet purchasers who buy American-made retreaded commercial tires, the federal government would help level the playing field for U.S. tire companies and shift the business model back in favor of retreading, ” said Anne Forristall Luke, president and CEO of USTMA.

The retread sector employs over 51,000 American workers and supports more than 268,000. jobs across the broader U.S. tire industry. However, the number of domestic tire retreading facilities continues to drop.

This trend threatens the U.S. job market and undermines efforts to build robust tire recycling programs, given that about 65 percent of foreign tires are less likely to be retreaded due to their design and construction.

Bill sponsor Sykes said the bill will encourage consumers to purchase high-quality American tires and put more money back in their pockets.

USTMA and its members are committed to reducing CO2 emissions throughout a tire’s life cycle. Each retreaded tire reduces energy consumption, CO2 emissions, raw material usage, and tire disposal challenges, thereby contributing to a more sustainable environment

Retreaded tires save the U.S. and Canada about 215 million gallons of oil per year; reduce CO2 emissions by 24 percent; reduce water consumption by 19 percent; reduce air pollution by 21 percent and remove 1.4 billion pounds per year from the waste stream

“The Tire Industry Association (TIA) fully supports H.R. 8578,”  Roy Littlefield IV, vice president of government affairs for the Tire Industry Association, said. “We are enthusiastic about this bill and are collaborating with the U.S. Tire Manufacturers Association and the Tire Retread & Repair Information Bureau (TRIB) to build support and spread awareness.”

© Scrap Tire News, July 2024