U.S. Senate Democrats have released a reconciliation bill covering a wide range of issues from climate change and energy production to prescription drug policies that they are seeking to enact into law in the coming weeks. The package, called the Inflation Reduction Act of 2022, includes an extension of electric-vehicle tax credits, stricter requirements on the sourcing of critical materials for automakers and a new minimum corporate tax rate. The Congressional Budget Office estimates that the package will reduce the federal deficit by $305 billion over 10 years, as the package combines $790 billion in revenue through increased taxes and health savings with $485 billion in new spending. Specific provisions include:
Eliminates the 200,000-vehicle-per-automaker cap on the current $7,500 per-vehicle tax credit for consumers who purchase new battery-electric, hybrid plug-in and fuel-cell vehicles at the point of sale. The bill also provides a tax credit of up to $4,000 for the purchase of used vehicles listed above.
The tax credit can only be used on cars that cost up to $55,000 and pickup trucks, SUVs and vans that cost up to $80,000. It can only be claimed by buyers with incomes up to $300,000 for joint filers.
The tax credit sets increasing sourcing requirements for the critical minerals used in EV batteries to be extracted or processed in the U.S. or in a country where the U.S. has a free trade agreement in effect or from materials that were recycled in North America (40% in in 2024, 80% in 2027 and 100% by 2029).
Sets a 15% minimum corporate tax rate that would apply to corporations with profits averaging at least $1 billion annually over three years.
Allows Medicare to negotiate the cost of some prescription drugs with pharmaceutical companies.
Senate Democratic leadership is attempting to pass the bill through budget reconciliation—a process that requires only a simple majority to pass legislation that has a budgetary impact. Under this expedited legislative procedure, the Senate parliamentarian must certify that each provision is consistent with Senate rules, which require only provisions directly tied to revenue be included (policy issues that only have an incidental impact on the budget are not eligible). A vote on the package in the Senate is expected to occur in early August with House Democratic leadership announcing plans to bring their members back to D.C. to vote on it later in the month.
For more information, contact Caroline Fletcher at carolinef@sema.org.
Minnesota and Wisconsin will hold their 2022 primary elections on Tuesday, August 9, and it’s important to know which candidates support racing when going to the polls or voting early. For information on voting in the primary (including absentee and early voting), registering to vote and identifying your lawmakers and the candidates running in 2022, visit SEMA’s vote racing page.
The Recognizing the Protection of Motorsports Act (RPM Act), H.R. 3281 and S. 2736, enjoys strong support from Minnesota and Wisconsin members of Congress. The bipartisan RPM Act guarantees the right to modify street cars, trucks and motorcycles into dedicated race vehicles and safeguards the industry’s right to offer parts that enable racers to compete. For more information on the RPM Act, click here.
Below is a list of federal lawmakers who have co-sponsored the RPM Act in the 2021–2022 session of Congress and are running for re-election in 2022.
Mad as heck with Washington politics? The SEMA Washington Rally is your chance to do something about it.
SEMA will host the Washington Rally on Thursday, September 22. If you’ve never been, it is a unique opportunity to connect with your elected officials in our nation’s capital to discuss the issues that matter most to you, your company and our industry. The Rally is exclusively for SEMA members and there are no registration fees. Click here to register.
Whether it’s standing up for the RPM Act, emissions compliance or vehicle technology, there are many issues facing SEMA members in the nation’s capital. That’s what makes participation in the Washington Rally so important.
SEMA will arrange for meetings with your elected officials and staff will provide you with briefing materials in advance. A member of the SEMA Government Affairs team will even join you in your meetings to ensure everything goes smoothly. Lastly, special guest speakers will join SEMA members at a Capitol Hill luncheon and for a reception and dinner that evening.
Registration closes on September 1. Questions? Please contact Christian Robinson at (202) 794-8279 or christianr@sema.org.
The grand opening of the SEMA Garage Detroit will be held Thursday, August 18, from 5:00 p.m.–8:00 p.m. (EDT), in the new facility at 14655 Jib St., Plymouth, MI 48170.
Be one of the first to view this state-of-the-art facility that will bring automotive aftermarket products to market even faster. Attendees will have the opportunity to explore all the innovative services the new SEMA Garage Detroit will offer and tour the brand-new facility while enjoying food, drinks, music, giveaways and more.
SEMA Show exhibitors and attendees preparing for the 2022 SEMA Show can lock in the guaranteed lowest hotel rate now by booking in the SEMA Show Block.
Making hotel reservations in the Block provides you with the most affordable and convenient options for a wide range of hotels located on and off the Strip.
A number of non-casino properties, such as Vdara, are offering discounted rates for SEMA Show guests.
All of the hotels available through the SEMA Show Block come with a low-price guarantee. To help ensure that your price remains the lowest, SEMA will price-match lower advertised rates, even after your reservations are set. Whether you're looking for your favorite place to stay, or for a hotel within close proximity to the Show, you can book with confidence knowing you will get the rooms you need at the the most affordable price available.
The SEMA Show also provides shuttle service to and from the Show for the hotels listed that are not within walking distance to the Las Vegas Convention Center.
There are more than 45 hotels available in the block. For more information on the hotels listed below, including rating, price per night and distance from the Las Vegas Convention Center, visit www.SEMAShow.com.
Looking for a quiet, no-frills hotel stay? There are a number of non-casino properties that are offering discounted rates for SEMA Show guests.
Check these out and book today:
Courtyard Las Vegas Convention Center – $290 per night
Embassy Suites by Hilton Convention Center Las Vegas $298 – per night
Hilton Grand Vacations Flamingo – $282 per night
Hilton Grand Vacations on Paradise (Convention Center) – $281 per night
Hilton Grand Vacations Club on Strip – $225 per night
Las Vegas Marriott – $309 per night
Renaissance Las Vegas Hotel – $314 per night
Residence Inn Las Vegas Convention Center by Marriott – $279 per night
Spring Hill Suites Las Vegas Convention Center – $299 per night
Applications for SEMA Show exhibitors to be included in the official 2022 SEMA Show Press Conference Schedule are due Friday, August 5.
Exhibitors who have breaking news announcements that will be of interest to a large number of media can utilize press conferences during the 2022 SEMA Show by submitting a press conference application before the August 5 deadline.
Exhibitors who have breaking news announcements that will be of interest to a large number of media can utilize press conferences during the 2022 SEMA Show by submitting a press conference application before the August 5 deadline. After submitting an application, exhibitors should receive an automatic email confirming that the application was received. Those who do not receive the automatic email may have experienced a technical problem and are encouraged to email pr@sema.org for assistance.
Because media are not required or obligated to attend press conferences, many exhibitors opt to utilize other tools for reaching media at the SEMA Show, including submitting a press release in the Exhibitor Online Media Center.
To learn more about press conferences, the online media center or other PR resources for SEMA Show exhibitors, contact pr@sema.org.
Click here for a complete listing of 2022 SEMA Show deadlines.
Registration for the 2022 SEMA Show, the premier gathering for the automotive specialty-equipment industry, is now open at www.semashow.com/register.
Taking place November 1–4 at the Las Vegas Convention Center, the 2022 SEMA Show will build upon the positive momentum following last year’s event, which successfully connected the $47.8 billion industry in person in what was the largest automotive trade show in North America since the pandemic shut everything down in 2020.
“The SEMA Show is where industry professionals go to grow existing relationships, create new ones and push their businesses forward,” said Tom Gattuso, SEMA vice president of events. “Exhibitors are eager to showcase their products and services to the tens of thousands of qualified professionals in attendance.”
Anticipation for this year's SEMA Show ramped up in recent weeks as exhibitors selected their booth locations during Priority Space Selection, a weeks-long process that took place May 2–18.
“Enthusiasm for the 2022 Show continues to exceed last year’s, with more than 1 million sq. ft. of exhibitor space already committed for the 2022 SEMA Show and confirmed spaces running 25% above last year,” said Warren Kosikov, SEMA vice president of sales.
Attendees at the 2022 SEMA Show will learn about the latest products, trends and technology in the industry from manufacturers exhibiting throughout the entire Las Vegas Convention Center, including the surrounding parking lots. Educational seminars led by industry experts and networking events that bring market niches together will also be available during the four-day trade event.
“Our industry continues to thrive despite current challenges in the marketplace, and last year’s event proved that the value of conducting business and networking face-to-face can never be replaced,” said Gattuso. “Our mission is to help continue that momentum by providing an unparalleled experience that builds meaningful business relationships.”
Registration for the 2022 SEMA Show is offered in three categories—attendee, exhibitor and media—and everyone must qualify to attend. Attendees are encouraged to register early at www.semashow.com/register so they can secure their credentials and receive updates on breaking news from the 2022 SEMA Show.
Attendees are encouraged to check the floorplan to see where the companies they need to interact with will be located at the 2022 SEMA Show.
For more information about qualifying documents and the 2022 SEMA Show, log on to www.semashow.com.
Exhibitors of the 2022 SEMA Show are invited to expand their reach, product exposure and Show-floor presence by offering products to builders through the Products for Project-Vehicle Builders list. The list connects manufacturers with builders looking to create or complete a vehicle project.
The list, which will be updated in SEMA eNews, features product offers and contact information provided by confirmed SEMA Show exhibitors. Builders interested in obtaining a product use the information to contact exhibitors directly. With each project vehicle required to be supported by a current 2022 SEMA Show exhibitor, all product-placement decisions, negotiations and agreements are the responsibility of the exhibiting manufacturer and the builder.
The list is open to exhibitors of the 2022 SEMA Show only. To be included in the list, complete the form.
Exhibitors: Each submission will appear on a first-come, first-served basis. As participation increases, all submissions will also be archived on www.SEMAShow.com.
Note: For verification purposes, the Project-Vehicle Builders form must be used to participate in the program; email submissions will not be included in the list. Participation in the list does not guarantee product or vehicle placement at the 2022 SEMA Show.
The SEMA Professional Resytlers Organization (PRO) will celebrate the talents and craftmanship of automotive restylers at the 2022 SEMA Show, through its PRO Cup Challenge.
Now in its third year, the SEMA PRO Cup Challenge promotes the accessorization of new cars and trucks and is a great way for restylers to showcase their talents to dealerships and consumers.
Now in its third year, the SEMA PRO Cup Challenge promotes the accessorization of new cars and trucks and is a great way for restylers to showcase their talents to dealerships and consumers. Restylers enter the competition by creating a package for a new-model car or truck that is marketable, easy to replicate and profitable. If selected to compete, the build will be transported to and from the SEMA Show, where it will be displayed and voted on in the PRO Booth #50185, and may win an award!
The essence of the program is to inspire and motivate others—including consumers, dealers and restylers—to customize their vehicles. Winning packages will be announced and celebrated during the PRO Happy Hour, Wednesday, November 2, at the SEMA Show.
Past participants have been featured in industry magazines, on the evening news and in SEMA publications. If you have what it takes to create a vehicle package with a maximum MSRP price of $15,000, maximum labor hours of 40 hours per package installed and a wholesale cost no more than $11,000 to the dealer, we encourage you to apply by the August 8 deadline at www.sema.org/pro-cup-challenge.
