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Peoria Standard

Wednesday, June 26, 2024

Legislation introduced to lower tire costs for consumers

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Congressman Darin LaHood | Congressman Darin LaHood Official Website

Congressman Darin LaHood | Congressman Darin LaHood Official Website

U.S. Representatives Darin LaHood (IL-16) and Emilia Sykes (OH-13) have introduced the Retreaded Truck Tire Jobs, Supply Chain Security and Sustainability Act. This legislation aims to create jobs, strengthen the domestic supply chain, and promote economic growth by providing a tax credit to consumers who purchase U.S. retreaded tires. Retreading is a manufacturing process that replaces the tread on worn tires to extend their lifespan.

“As Illinois residents continue to face challenges related to inflation and the high cost of goods, this commonsense, bipartisan bill will incentivize the purchase of American-made tires and create jobs in communities across the country,” said Rep. LaHood. “This bill makes an important investment in our manufacturing sector in Illinois, ensuring we keep jobs at home. I look forward to working with Congresswoman Sykes and my Ways and Means Committee colleagues to strengthen economic opportunities throughout the Midwest and America.”

“The Retreaded Truck Tire Jobs, Supply Chain Security and Sustainability Act will encourage consumers to purchase high-quality American tires while putting more money back into their pockets,” said Rep. Sykes. “This commonsense, bipartisan legislation is good for both the economy and the environment, and it will protect thousands of good-paying manufacturing jobs here at home. Ohio’s 13th Congressional District has long been known as the ‘Rubber Capital of the World’ — this legislation upholds that legacy by investing in America to ensure this vital industry remains globally competitive.”

A 2023 report indicates that retreading is the largest manufacturing sector in the U.S., employing over 51,000 workers and supporting more than 268,000 jobs within the broader $28.4 billion U.S. tire industry. However, there has been a decline in tire retreading facilities from over 3,000 in 1982 to an estimated 500 in 2023 due to competition from low-cost import tires from countries like China.

The proposed act has garnered support from various auto industry leaders and manufacturers.

“Bridgestone enthusiastically supports the legislation introduced by Reps. Sykes and LaHood, as it addresses sustainability, job growth, and the creation of a more robust domestic supply chain," said Paolo Ferrari, CEO of Bridgestone Americas Inc., and Global Co-COO of Bridgestone Corporation. "Increased use of U.S.-manufactured retreaded tires will create local jobs, reduce costs for tire customers, save energy, reduce material consumption and waste, and reduce dependence on tires imported from overseas."

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