By SEMA Washington, D.C., Staff

The U.S. Treasury Department reversed a 2016 proposal to limit family-owned businesses’ use of minority and marketability discounts when calculating the estate tax under Section 2704 of the Internal Revenue Code. SEMA joined with many other organizations in opposing the 2016 proposed rule. The regulation threatened to raise the estate tax for a family-owned business by 30% to 50%. The minority interest and marketability discounts recognize that family beneficiaries usually can’t sell the inherited income at the valued rate when it is a family-controlled business. 

For 2017, the lifetime exclusion against the federal estate tax is $5.49 million ($10.98 million for couples), with a maximum tax rate of 40%. 

For more information, contact Stuart Gosswein at stuartg@sema.org. 

By SEMA Washington, D.C., Staff

The U.S. Treasury Department reversed a 2016 proposal to limit family-owned businesses’ use of minority and marketability discounts when calculating the estate tax under Section 2704 of the Internal Revenue Code. SEMA joined with many other organizations in opposing the 2016 proposed rule. The regulation threatened to raise the estate tax for a family-owned business by 30% to 50%. The minority interest and marketability discounts recognize that family beneficiaries usually can’t sell the inherited income at the valued rate when it is a family-controlled business. 

For 2017, the lifetime exclusion against the federal estate tax is $5.49 million ($10.98 million for couples), with a maximum tax rate of 40%. 

For more information, contact Stuart Gosswein at stuartg@sema.org. 

By SEMA Washington, D.C., Staff

The U.S. Treasury Department reversed a 2016 proposal to limit family-owned businesses’ use of minority and marketability discounts when calculating the estate tax under Section 2704 of the Internal Revenue Code. SEMA joined with many other organizations in opposing the 2016 proposed rule. The regulation threatened to raise the estate tax for a family-owned business by 30% to 50%. The minority interest and marketability discounts recognize that family beneficiaries usually can’t sell the inherited income at the valued rate when it is a family-controlled business. 

For 2017, the lifetime exclusion against the federal estate tax is $5.49 million ($10.98 million for couples), with a maximum tax rate of 40%. 

For more information, contact Stuart Gosswein at stuartg@sema.org. 

By SEMA Washington, D.C., Staff

The U.S. House Natural Resources Committee passed SEMA-supported legislation that would limit the president’s authority to unilaterally designate national monuments. The "National Monument Creation and Protection Act" (H.R. 3990) would limit the size of future national monument designations, require approval of state and local government bodies for larger monument designations, cap the size of designations at 85,000 acres and narrow the criteria used to determine national monuments. 

The bill would specifically:

• Limit the size of monument designations based on their size:

1. 640 acres or less: presidents could unilaterally designate only these monuments.
2. 641 and 5,000 acres: require a National Environmental Policy Act (NEPA) review.
3. 5,001 to 10,000 acres: require an environmental assessment (EA) or environmental impact statement (EIS) in addition to a NEPA review.
4. 10,001 to 85,000 acres: require either an EA or EIS, a NEPA review, and the approval of the county government, state legislature and governor in the impacted area.

• Limit what objects qualify for monument protections, including relics, artifacts, fossils and skeletal remains, and certain previously constructed buildings.
• Clarify the president's ability to reduce the size of a monument by up to 85,000 acres without congressional approval. Larger reductions would require the approval of the county government, state legislature and governor where the site is located and a NEPA review.

The issue is consequential since national monuments automatically prohibit new roads or trails for motorized vehicles and require a new land-management plan be drafted that could lead to more road closures. 

For more information, contact Eric Snyder at erics@sema.org.

By SEMA Washington, D.C., Staff

The U.S. House Natural Resources Committee passed SEMA-supported legislation that would limit the president’s authority to unilaterally designate national monuments. The "National Monument Creation and Protection Act" (H.R. 3990) would limit the size of future national monument designations, require approval of state and local government bodies for larger monument designations, cap the size of designations at 85,000 acres and narrow the criteria used to determine national monuments. 

The bill would specifically:

• Limit the size of monument designations based on their size:

1. 640 acres or less: presidents could unilaterally designate only these monuments.
2. 641 and 5,000 acres: require a National Environmental Policy Act (NEPA) review.
3. 5,001 to 10,000 acres: require an environmental assessment (EA) or environmental impact statement (EIS) in addition to a NEPA review.
4. 10,001 to 85,000 acres: require either an EA or EIS, a NEPA review, and the approval of the county government, state legislature and governor in the impacted area.

• Limit what objects qualify for monument protections, including relics, artifacts, fossils and skeletal remains, and certain previously constructed buildings.
• Clarify the president's ability to reduce the size of a monument by up to 85,000 acres without congressional approval. Larger reductions would require the approval of the county government, state legislature and governor where the site is located and a NEPA review.

The issue is consequential since national monuments automatically prohibit new roads or trails for motorized vehicles and require a new land-management plan be drafted that could lead to more road closures. 

For more information, contact Eric Snyder at erics@sema.org.

By SEMA Washington, D.C., Staff

The U.S. House Natural Resources Committee passed SEMA-supported legislation that would limit the president’s authority to unilaterally designate national monuments. The "National Monument Creation and Protection Act" (H.R. 3990) would limit the size of future national monument designations, require approval of state and local government bodies for larger monument designations, cap the size of designations at 85,000 acres and narrow the criteria used to determine national monuments. 

The bill would specifically:

• Limit the size of monument designations based on their size:

1. 640 acres or less: presidents could unilaterally designate only these monuments.
2. 641 and 5,000 acres: require a National Environmental Policy Act (NEPA) review.
3. 5,001 to 10,000 acres: require an environmental assessment (EA) or environmental impact statement (EIS) in addition to a NEPA review.
4. 10,001 to 85,000 acres: require either an EA or EIS, a NEPA review, and the approval of the county government, state legislature and governor in the impacted area.

• Limit what objects qualify for monument protections, including relics, artifacts, fossils and skeletal remains, and certain previously constructed buildings.
• Clarify the president's ability to reduce the size of a monument by up to 85,000 acres without congressional approval. Larger reductions would require the approval of the county government, state legislature and governor where the site is located and a NEPA review.

The issue is consequential since national monuments automatically prohibit new roads or trails for motorized vehicles and require a new land-management plan be drafted that could lead to more road closures. 

For more information, contact Eric Snyder at erics@sema.org.

By SEMA Washington, D.C., Staff

The U.S. House Natural Resources Committee passed five bills to reform the Endangered Species Act (ESA). The 40-year-old law has produced few tangible results beyond road and trail closures, restrictive land-use designations and lawsuits. While millions of acres of land have been set aside to protect threatened and endangered animals and plants, more money has been spent on lawyers and court expenses than wildlife management.

The House-passed bills include legislation that would:

• Require the U.S. Fish and Wildlife Service (FWS) to consider the economic impact of adding a species as endangered or threatened when the agency makes listing decisions.
• Require the FWS to make all data that is used as the basis for an ESA determination made available to impacted states.
• Provide that non-native species in the United States cannot be treated as endangered or threatened under the ESA.
• Require the Interior Department to reissue final rules to delist the gray wolf as a protected species in the western Great Lakes and Wyoming.
• Limit billing rates awarded to lawyers and expert witnesses in ESA lawsuits to $125 per hour.

For more information, contact Eric Snyder at erics@sema.org.

By SEMA Washington, D.C., Staff

The U.S. House Natural Resources Committee passed five bills to reform the Endangered Species Act (ESA). The 40-year-old law has produced few tangible results beyond road and trail closures, restrictive land-use designations and lawsuits. While millions of acres of land have been set aside to protect threatened and endangered animals and plants, more money has been spent on lawyers and court expenses than wildlife management.

The House-passed bills include legislation that would:

• Require the U.S. Fish and Wildlife Service (FWS) to consider the economic impact of adding a species as endangered or threatened when the agency makes listing decisions.
• Require the FWS to make all data that is used as the basis for an ESA determination made available to impacted states.
• Provide that non-native species in the United States cannot be treated as endangered or threatened under the ESA.
• Require the Interior Department to reissue final rules to delist the gray wolf as a protected species in the western Great Lakes and Wyoming.
• Limit billing rates awarded to lawyers and expert witnesses in ESA lawsuits to $125 per hour.

For more information, contact Eric Snyder at erics@sema.org.

By SEMA Washington, D.C., Staff

The U.S. House Natural Resources Committee passed five bills to reform the Endangered Species Act (ESA). The 40-year-old law has produced few tangible results beyond road and trail closures, restrictive land-use designations and lawsuits. While millions of acres of land have been set aside to protect threatened and endangered animals and plants, more money has been spent on lawyers and court expenses than wildlife management.

The House-passed bills include legislation that would:

• Require the U.S. Fish and Wildlife Service (FWS) to consider the economic impact of adding a species as endangered or threatened when the agency makes listing decisions.
• Require the FWS to make all data that is used as the basis for an ESA determination made available to impacted states.
• Provide that non-native species in the United States cannot be treated as endangered or threatened under the ESA.
• Require the Interior Department to reissue final rules to delist the gray wolf as a protected species in the western Great Lakes and Wyoming.
• Limit billing rates awarded to lawyers and expert witnesses in ESA lawsuits to $125 per hour.

For more information, contact Eric Snyder at erics@sema.org.

By SEMA Editors

Latest Jobs Added to SEMA Career Center

Are you hunting for a new job? The SEMA Career Center has a comprehensive listing of automotive-related job openings around the country. Here are some of the latest classifieds posted to the website.

Sponsor and Ad Salesperson: ProMedia Events & Publishing is hiring a home-based sponsor and ad sales position. Sales experience is required and an outgoing get-it-done personality is a must. A college degree is a plus but not required. The ideal candidate must be an automotive enthusiast.

Sales Associate: XS Power Batteries is hiring a sales associate to manage and grow current assigned accounts while also using provided leads to bring in new business and provide training to assigned accounts and at industry trade shows as needed. This position is an integral part of the company’s sales and customer service team and will interact with customers on a daily basis. Some occasional travel is required.

Mechanical Design Engineer: Renntech Inc. is hiring a mechanical design engineer to use Solidworks 3D modeling software to create components, assemblies and engineering drawings for manufacturing; validate designs virtually with FEA and CFD, along with real-world validation using test jigs, a dynamometer, etc.; and create and maintain bill of materials (BOM) along with all project documentation. The ideal candidate must have a BS degree in mechanical engineering, strong CAD skills and be an automotive enthusiast.

Auto Body Tech: HS Customs is hiring an auto-body tech with a solid understanding of performance/general automotive modifications, and a general understanding of mechanics and electronics. The ideal candidate will have at least three years’ experience. ASE certification and painting skills are a plus. 

Product Manager: Corvette America is hiring a product manager to identify potential products for development; deliver MRDs and PRDs with prioritized features and corresponding justification; and determine profitable product pricing to support consumer and dealer tiers by utilizing market research data, production and sales costs, anticipating volume and costing orders. The ideal candidate will have a minimum of three years’ experience as a product manager in the automotive industry and demonstrated success defining and launching profitable product lines.