By SEMA Washington, D.C., Staff

Tennessee Governor Bill Haslam signed into law SEMA-supported legislation to allow counties to exempt owners of antique motor vehicles from the privilege tax.

SEMA-supported legislation to allow counties to exempt owners of antique motor vehicles from the privilege tax was signed into law by Governor Bill Haslam. Under the new law, the county may also only require a one-time-only payment of the tax. According to the state, the average amount of the one-time tax imposed would be $43.10. Sixty out of 95 counties in Tennessee impose a motor vehicle privilege tax.

For details, contact Steve McDonald at stevem@sema.org.

By SEMA Washington, D.C., Staff

Tennessee Governor Bill Haslam signed into law SEMA-supported legislation to allow counties to exempt owners of antique motor vehicles from the privilege tax.

SEMA-supported legislation to allow counties to exempt owners of antique motor vehicles from the privilege tax was signed into law by Governor Bill Haslam. Under the new law, the county may also only require a one-time-only payment of the tax. According to the state, the average amount of the one-time tax imposed would be $43.10. Sixty out of 95 counties in Tennessee impose a motor vehicle privilege tax.

For details, contact Steve McDonald at stevem@sema.org.

By SEMA Washington, D.C., Staff

Tennessee Governor Bill Haslam signed into law SEMA-supported legislation to allow counties to exempt owners of antique motor vehicles from the privilege tax.

SEMA-supported legislation to allow counties to exempt owners of antique motor vehicles from the privilege tax was signed into law by Governor Bill Haslam. Under the new law, the county may also only require a one-time-only payment of the tax. According to the state, the average amount of the one-time tax imposed would be $43.10. Sixty out of 95 counties in Tennessee impose a motor vehicle privilege tax.

For details, contact Steve McDonald at stevem@sema.org.

By SEMA Washington, D.C., Staff

The House Judiciary Committee approved legislation to annually designate the Friday, Saturday and Sunday of the second weekend in July as "Louisiana Collector Car Appreciation" weekend.

Legislation to annually designate the Friday, Saturday and Sunday of the second weekend in July as "Louisiana Collector Car Appreciation" weekend was approved by the House Judiciary Committee. The bill will now move for a vote by the full Louisiana House of Representatives. Earlier this year, the SEMA Action Network (SAN) announced these dates to mark the fifth commemoration in what has become an annual event to raise awareness of the vital role automotive restoration and collection plays in American society. SAN is again working to secure a U.S. Congressional resolution to recognize the day’s significance.

For more information, visit the SEMA Action Network (SAN) website. For details, contact Steve McDonald at stevem@sema.org.

By SEMA Washington, D.C., Staff

The House Judiciary Committee approved legislation to annually designate the Friday, Saturday and Sunday of the second weekend in July as "Louisiana Collector Car Appreciation" weekend.

Legislation to annually designate the Friday, Saturday and Sunday of the second weekend in July as "Louisiana Collector Car Appreciation" weekend was approved by the House Judiciary Committee. The bill will now move for a vote by the full Louisiana House of Representatives. Earlier this year, the SEMA Action Network (SAN) announced these dates to mark the fifth commemoration in what has become an annual event to raise awareness of the vital role automotive restoration and collection plays in American society. SAN is again working to secure a U.S. Congressional resolution to recognize the day’s significance.

For more information, visit the SEMA Action Network (SAN) website. For details, contact Steve McDonald at stevem@sema.org.

By SEMA Washington, D.C., Staff

The House Judiciary Committee approved legislation to annually designate the Friday, Saturday and Sunday of the second weekend in July as "Louisiana Collector Car Appreciation" weekend.

Legislation to annually designate the Friday, Saturday and Sunday of the second weekend in July as "Louisiana Collector Car Appreciation" weekend was approved by the House Judiciary Committee. The bill will now move for a vote by the full Louisiana House of Representatives. Earlier this year, the SEMA Action Network (SAN) announced these dates to mark the fifth commemoration in what has become an annual event to raise awareness of the vital role automotive restoration and collection plays in American society. SAN is again working to secure a U.S. Congressional resolution to recognize the day’s significance.

For more information, visit the SEMA Action Network (SAN) website. For details, contact Steve McDonald at stevem@sema.org.

By SEMA Washington, D.C., Staff

The House Judiciary Committee approved legislation to annually designate the Friday, Saturday and Sunday of the second weekend in July as "Louisiana Collector Car Appreciation" weekend.

Legislation to annually designate the Friday, Saturday and Sunday of the second weekend in July as "Louisiana Collector Car Appreciation" weekend was approved by the House Judiciary Committee. The bill will now move for a vote by the full Louisiana House of Representatives. Earlier this year, the SEMA Action Network (SAN) announced these dates to mark the fifth commemoration in what has become an annual event to raise awareness of the vital role automotive restoration and collection plays in American society. SAN is again working to secure a U.S. Congressional resolution to recognize the day’s significance.

For more information, visit the SEMA Action Network (SAN) website. For details, contact Steve McDonald at stevem@sema.org.

By SEMA Washington, D.C., Staff

A U.S. appeals court has overturned last July’s district court ruling that the Federal Reserve improperly inflated the fees banks and card companies are allowed to charge retailers when their customers swipe debit cards. The fees are currently set at $0.21 per transaction plus $0.01–$0.03 more to cover fraud prevention and other adjustments. Retailers argued that the fees are too high to compensate the financial institution’s “authorization, clearance or settlement” costs.  

The Dodd-Frank financial reform law provides the Federal Reserve with oversight of fees for processing debit card transactions (“interchange” fees). When the Dodd-Frank legislation was being debated in 2010, SEMA and 54 other trade associations asked Congress to limit the amount card companies could charge merchants when processing payments. Congress addressed swipe fees but not credit card fees. The Federal Reserve had initially recommended a $0.12 transaction cap but then raised the fee to $0.21.   

The lower court ruling had not taken effect pending the appeal. Retailers will now consider asking the appeals court to reconsider its decision or petition for a Supreme Court review. 

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

By SEMA Washington, D.C., Staff

A U.S. appeals court has overturned last July’s district court ruling that the Federal Reserve improperly inflated the fees banks and card companies are allowed to charge retailers when their customers swipe debit cards. The fees are currently set at $0.21 per transaction plus $0.01–$0.03 more to cover fraud prevention and other adjustments. Retailers argued that the fees are too high to compensate the financial institution’s “authorization, clearance or settlement” costs.  

The Dodd-Frank financial reform law provides the Federal Reserve with oversight of fees for processing debit card transactions (“interchange” fees). When the Dodd-Frank legislation was being debated in 2010, SEMA and 54 other trade associations asked Congress to limit the amount card companies could charge merchants when processing payments. Congress addressed swipe fees but not credit card fees. The Federal Reserve had initially recommended a $0.12 transaction cap but then raised the fee to $0.21.   

The lower court ruling had not taken effect pending the appeal. Retailers will now consider asking the appeals court to reconsider its decision or petition for a Supreme Court review. 

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