WASHINGTON — The U.S. Tire Manufacturers Association (USTMA) and its member companies support new legistlation introduced this week by Ohio Congressman Tim Ryan that would provide tax credits for fleet purchases of U.S.-produced retreaded commercial tires.
The bill, H.R. 8165, the Commercial Vehicle Fleet Retreaded Tire Utilization Reinvestment and Recovery Act of 2022, "would support good paying jobs in Ohio, bolster our domestic supply chain and promote economic growth" by providing a tax deduction to consumers who purchase retreaded tires. Ryan said.
“As we work to transform Ohio's economy and compete with the rest of the world, it’s vital we reinvest in the industries that treat our workers well and keep our economy going,” Ryan said, noting that retreading directly supports more than 51,000 American jobs.
"By providing a tax incentive for consumers who purchase retreaded tires, this legislation will support good-paying jobs, level the playing field for American workers and businesses, and position our manufacturers to once again lead this industry with American products built by American workers," Ryan said.
In disclosing the domestic tire industry's support of the bill, USTMA President and CEO Anne Forristall Luke said: ”Retreading of commercial tires in the U.S. market has steadily decreased over the last 25 years, due in part to foreign alternatives for new tires, which are 65% less likely to be retreaded because of their design and construction."