GNYADA December 2017 Newsletter

NADA Director’s Column Senate Tax Bill Passes with 100% Floor Plan Deductibility Preserved

by Bob Vail, Vail Buick GMC, NADA Director Metro New York

amendment and gather support among his colleagues as they hustled to pass the most extensive overhaul of the U.S. tax system in 30 years. Next, the bill will be considered by a House-Senate congressional conference committee to reconcile both versions before final passage. NADA may ask dealers to contact their representatives during these negotiations.

taxable income. Maintaining 100% floor plan deductibility is critical in allowing us to carry inventory for our customers, and in allowing manufacturers to continue building and supplying products. Dealers and ATAEs nationwide helped generate the strong grassroots involvement that was needed to secure this win. Special credit goes to the Kentucky Auto Dealers Association for convincing Senator Rand Paul (R-KY) to propose the

This month, the U.S. Senate passed its tax reform bill, including an NADA-supported amendment to preserve 100 percent deductibility of interest on floor plan loans. Seeing this provision added to the Senate bill, also included in the House version, was NADA’s top priority in recent weeks. Without this amendment, dealers’ ability to deduct 100% of business interest, including floor plan interest, would reduce to 30% of adjusted

Karp Auto Honors 60-Year Milestone

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of all Karp Auto dealerships since 1983. In preparation for this milestone, the Karps pledged $60 for every car sold at the Volvo location in 2017, with the goal of donating $50,000 to Memorial Sloan Kettering Breast Cancer Research and $10,000 to the Rockville Centre Community Fund. Rather than wait, the Karps presented these charities with checks for half of the pledged amounts earlier in the year, so funds could be put to use right away. GNYADA congratulates David and Daniel on achieving this impressive milestone and for their dedication to customer service and community support.

State Senator Todd Kaminsky (c) recognizes David Karp (l) and Daniel Karp (r) with a Proclamation.

This fall, the Karp Automotive dealer group celebrated 60 years of serving its Rockville Centre community. In 1957, Irving Karp opened the doors of Karp Volvo; today Karp Auto

represents four franchises on Long Island. Irving’s son, GNYADA Director David Karp, has been Dealer Principal

60 Y E A R S

Greater New York Automobile Dealers Association • www.gnyada.com

The Newsletter • December 2017 7

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