The United States Senate approved the tax compromise “framework” for a two-year extension of the 2001 and 2003 tax cuts for all income levels, set to expire on December 31. The House of Representatives now must approve the legislation before it can be sent to President Obama to become law.

A World Trade Organization (WTO) dispute panel has rejected China’s challenge of punitive duties imposed by the United States on passenger and light-truck tires.

Companies that purchase health care insurance and have less than 25 employees may be able to claim a tax credit beginning with the 2010 tax year.

The National Highway Traffic Safety Administration (NHTSA) will soon require that all new passenger cars be equipped with a rearview camera system.

As of October 13, 2010, Iowa street rods, replicas and specially constructed vehicles are no longer required to be equipped with fenders and bumpers. Previous Iowa inspection requirements for these specialty cars specified that all vehicles were to be equipped with fenders and required a front and rear bumper.

President Obama and Republican leaders have reached a compromise “framework” for a two-year extension of the 2001 and 2003 tax cuts for all income levels, set to expire on December 31. The lawmakers also agreed to a 13-month extension of federal unemployment benefits and a one-year reduction in the worker’s Social Security payroll tax (FICA) from 6.2% to 4.2%.

The U.S. Environmental Protection Agency (EPA) and the National Highway Traffic Safety Administration (NHTSA) intend to expand the amount of fuel-economy information contained on the vehicle window sticker. Among other changes, the information will now include the amount of carbon dioxide emitted by the vehicle. SEMA submitted comments in favor of incorporating graphics, increasing type size and using other visual tools to help focus consumer attention, a position taken by the automakers.

In yet another missed opportunity, the United States Senate failed to remove the 1099 reporting requirement, which was included as a revenue-raising provision within the health care law. The rule will require businesses to issue 1099 reporting forms to all vendors from whom they buy more than $600 of goods or services in any year, beginning in 2012.

After months of inaction and missed opportunities, the United States Senate is prepared to take up legislation to remove the 1099 reporting requirement which was included as a revenue-raising provision with the health care law. The “Small Business Paperwork Relief Act” would remove the requirement entirely.

In comments to a proposed inspection regulation issued by the Vermont Department of Motor Vehicles, SEMA supported a provision that would exempt vehicles registered as exhibition vehicles from OBD II requirements. Under state law, an exhibition vehicle is defined as a motor vehicle which is maintained solely for use in exhibitions, club activities, parades and other functions of public interest and which is not used for the transportation of passengers or property on any highway, except to attend such functions. SEMA also recommended that the exhibition vehicle definition be expanded to include a vehicle used for personal recreational travel not to exceed 2,500 miles per year.