By SEMA Editors

Sources have captured RAM's "Project 291" undergoing testing in Colorado. The upcoming unibody pickup truck aims to expand the brand's presence in the South American market, but plans indicate it may be introduced in the U.S. under the name Ram Rampage R/T.

Upon its launch, the Rampage is said to offer at least two different internal combustion engine (ICE) powertrain options: 2.0L Tigershark inline-four-cylinder engine equipped with a turbocharger and the 2.2L Multijet II turbo diesel inline-four-cylinder engine. Additionally, there have been rumors about the availability of a battery electric vehicle (BEV) option, although details remain scarce.

'24 Ford Explorer Limited Drops Heavy Camo

The '24 Ford Explorer Limited was spotted in Dearborn, Michigan, without much of its camo. Although Ford has already introduced an electric version of the Explorer in the European market, the U.S. is still focusing on a refresh for the ICE Explorer.

The photos show significant design changes to the front of the vehicle, with a slightly more "aggressive" appearance characterized by a larger grille that resembles the one found on the Chinese version of the Explorer. In addition, new headlights and taillights can be seen.

By the SEMA D.C. Office

The U.S. House of Representatives Ways and Means Committee has passed the SEMA-supported American Families and Jobs Act, a legislative package comprised of three bills from Committee Chairman Jason Smith (R-MO): the Tax Cuts for Working Families Act (H.R. 3936), the Small Business Jobs Act (H.R. 3937), and the Build It in America Act (H.R. 3938). The bill includes key provisions that will benefit automotive aftermarket businesses, including a 100% bonus depreciation for qualified property, expanded small business expensing to $2.5 million and the restoration of immediate expensing for Research and Development (R&D) for tax years 2021 through 2025. The bill would also create full expensing for machines and equipment. The American Families and Jobs Act now awaits consideration on the floor of the U.S. House of Representatives.

The Tax Cuts for Working Families Act (H.R. 3936) provides a $4,000 standard deduction bonus in tax years 2024 and 2025 for joint returns and $3,000 for those filing as head of household. The committee estimates that nine out of 10 American households use the standard deduction, which provides tax relief and fewer tax filing headaches.

The Small Business Jobs Act (H.R. 3937) includes multiple provisions designed to help small businesses navigate price increases, worker shortages, and supply-chain failures by cutting IRS red tape, expanding jobs and investment and supporting rural communities. Below are key provisions: 

Expands Sec. 179 small business expensing to $2.5 million. 

• The provision builds on the current $1 million cap under Sec. 179 of the tax code and increases the maximum amount a taxpayer may expense to $2.5 million, reduced by the amount by which the cost of qualifying property exceeds $4 million. The proposal applies to property placed in service in taxable years beginning after December 31, 2023. 
• Sec. 179 allows a taxpayer to expense the cost of qualifying property rather than to recover such costs through tax depreciation deductions, subject to limitation. Qualifying property is defined as tangible personal property, off-the-shelf computer software and qualified real property that is purchased for use in the active conduct of a trade or business.  

Increases the general 1099 reporting threshold to $5,000. 

• Currently, business owners must send tax forms to contractors that provide more than $600 of work to their business. 
• This provision offers relief for small businesses by increasing the reporting threshold for subcontract labor from $600 to $5,000. 

Expands tax incentives to investors in startups organized as "S Corporations."

• Currently, IRC 1202 tax benefits are available only to investors in startups organized as "C Corporations," leaving out "S Corporations," which represent nearly half of all U.S. business entities. The bill includes "S Corporations" in this incentive program.
• The provision expands the exclusion from qualified small business stock under IRC 1202 by modifying the holding period by providing a new 50% exclusion for stock held at least three years and a 75% exclusion for stock held at least four years. Stock held for at least five years would continue to be eligible for a 100% exclusion. It also expands qualification to "S Corporations" and allows investors to add their holding period for qualified convertible debt to the holding period required to qualify for the exclusion. 

Establishes rural opportunity zones.

• Provides for temporary deferral of inclusion in gross income for capital gains reinvested in a qualified rural opportunity fund and the permanent exclusion of capital gains from the sale or exchange of an investment in the qualified rural opportunity fund, following the structure of opportunity zones created in the Tax Cuts and Jobs Act (P.L. 115-97). 
• It defines a qualified rural opportunity fund as an investment vehicle organized as a corporation or a partnership for the purpose of investing in qualified rural opportunity zone property that holds at least 90% of its assets in qualified rural opportunity zone property.

The Build It in America Act (H.R. 3938) would revive a set of tax breaks for companies' research spending, interest expenses and equipment purchases while also reinstituting a cap on the number of clean vehicle tax credits. All three policies help lower corporate tax bills but lapsed last year as part of a larger, planned wind-down from the 2017 tax overhaul. Below are key provisions: 

Restores immediate expensing for R&D for tax years 2021 through 2025.  

• Currently, businesses must deduct R&D expenses over five years for research done in the United States and over 15 years for research outside the United States.
• The provision delays the date when taxpayers must begin deducting their research or experimental costs over five- and 15-year periods until taxable year 2026.

Allows mid-sized businesses to fully deduct interest expenses.  

• Starting in 2022, employers have faced a more restrictive limit on the amount of business interest that they can deduct each year. Instead of using "earnings before interest, taxes, depreciation, and amortization," companies can only deduct interest expenses only up to 30% of their "earnings before interest and taxes" currently. 

Creates 100% expensing for machines and equipment to help U.S. businesses hire workers and expand manufacturing.

• Currently, businesses can only deduct 80% of the cost of equipment, machinery and vehicles, with the rest of the deduction claimed over the life of each asset. 

Extends 100% bonus depreciation for qualified property placed in service after December 31, 2022, and before January 1, 2026.  

• The provision also retains 20% bonus depreciation for property placed in service after December 31, 2025, and before January 1, 2027.

"The legislation introduced today pulls together critical ideas introduced by Ways and Means Committee members in response to needs and concerns voiced by the American people," said Committee Chairman Smith. "It builds on successful tax policies enacted by Republicans that spurred higher economic growth--far more than projected--and sparked the fastest growth in real wages in 20 years. These policies will provide relief for working families, strengthen small businesses, grow jobs and protect American innovation and competitiveness."

For more information, contact Tiffany Cipoletti at tiffanyc@sema.org.

By the SEMA D.C. Office

The U.S. House of Representatives Ways and Means Committee has passed the SEMA-supported American Families and Jobs Act, a legislative package comprised of three bills from Committee Chairman Jason Smith (R-MO): the Tax Cuts for Working Families Act (H.R. 3936), the Small Business Jobs Act (H.R. 3937), and the Build It in America Act (H.R. 3938). The bill includes key provisions that will benefit automotive aftermarket businesses, including a 100% bonus depreciation for qualified property, expanded small business expensing to $2.5 million and the restoration of immediate expensing for Research and Development (R&D) for tax years 2021 through 2025. The bill would also create full expensing for machines and equipment. The American Families and Jobs Act now awaits consideration on the floor of the U.S. House of Representatives.

The Tax Cuts for Working Families Act (H.R. 3936) provides a $4,000 standard deduction bonus in tax years 2024 and 2025 for joint returns and $3,000 for those filing as head of household. The committee estimates that nine out of 10 American households use the standard deduction, which provides tax relief and fewer tax filing headaches.

The Small Business Jobs Act (H.R. 3937) includes multiple provisions designed to help small businesses navigate price increases, worker shortages, and supply-chain failures by cutting IRS red tape, expanding jobs and investment and supporting rural communities. Below are key provisions: 

Expands Sec. 179 small business expensing to $2.5 million. 

• The provision builds on the current $1 million cap under Sec. 179 of the tax code and increases the maximum amount a taxpayer may expense to $2.5 million, reduced by the amount by which the cost of qualifying property exceeds $4 million. The proposal applies to property placed in service in taxable years beginning after December 31, 2023. 
• Sec. 179 allows a taxpayer to expense the cost of qualifying property rather than to recover such costs through tax depreciation deductions, subject to limitation. Qualifying property is defined as tangible personal property, off-the-shelf computer software and qualified real property that is purchased for use in the active conduct of a trade or business.  

Increases the general 1099 reporting threshold to $5,000. 

• Currently, business owners must send tax forms to contractors that provide more than $600 of work to their business. 
• This provision offers relief for small businesses by increasing the reporting threshold for subcontract labor from $600 to $5,000. 

Expands tax incentives to investors in startups organized as "S Corporations."

• Currently, IRC 1202 tax benefits are available only to investors in startups organized as "C Corporations," leaving out "S Corporations," which represent nearly half of all U.S. business entities. The bill includes "S Corporations" in this incentive program.
• The provision expands the exclusion from qualified small business stock under IRC 1202 by modifying the holding period by providing a new 50% exclusion for stock held at least three years and a 75% exclusion for stock held at least four years. Stock held for at least five years would continue to be eligible for a 100% exclusion. It also expands qualification to "S Corporations" and allows investors to add their holding period for qualified convertible debt to the holding period required to qualify for the exclusion. 

Establishes rural opportunity zones.

• Provides for temporary deferral of inclusion in gross income for capital gains reinvested in a qualified rural opportunity fund and the permanent exclusion of capital gains from the sale or exchange of an investment in the qualified rural opportunity fund, following the structure of opportunity zones created in the Tax Cuts and Jobs Act (P.L. 115-97). 
• It defines a qualified rural opportunity fund as an investment vehicle organized as a corporation or a partnership for the purpose of investing in qualified rural opportunity zone property that holds at least 90% of its assets in qualified rural opportunity zone property.

The Build It in America Act (H.R. 3938) would revive a set of tax breaks for companies' research spending, interest expenses and equipment purchases while also reinstituting a cap on the number of clean vehicle tax credits. All three policies help lower corporate tax bills but lapsed last year as part of a larger, planned wind-down from the 2017 tax overhaul. Below are key provisions: 

Restores immediate expensing for R&D for tax years 2021 through 2025.  

• Currently, businesses must deduct R&D expenses over five years for research done in the United States and over 15 years for research outside the United States.
• The provision delays the date when taxpayers must begin deducting their research or experimental costs over five- and 15-year periods until taxable year 2026.

Allows mid-sized businesses to fully deduct interest expenses.  

• Starting in 2022, employers have faced a more restrictive limit on the amount of business interest that they can deduct each year. Instead of using "earnings before interest, taxes, depreciation, and amortization," companies can only deduct interest expenses only up to 30% of their "earnings before interest and taxes" currently. 

Creates 100% expensing for machines and equipment to help U.S. businesses hire workers and expand manufacturing.

• Currently, businesses can only deduct 80% of the cost of equipment, machinery and vehicles, with the rest of the deduction claimed over the life of each asset. 

Extends 100% bonus depreciation for qualified property placed in service after December 31, 2022, and before January 1, 2026.  

• The provision also retains 20% bonus depreciation for property placed in service after December 31, 2025, and before January 1, 2027.

"The legislation introduced today pulls together critical ideas introduced by Ways and Means Committee members in response to needs and concerns voiced by the American people," said Committee Chairman Smith. "It builds on successful tax policies enacted by Republicans that spurred higher economic growth--far more than projected--and sparked the fastest growth in real wages in 20 years. These policies will provide relief for working families, strengthen small businesses, grow jobs and protect American innovation and competitiveness."

For more information, contact Tiffany Cipoletti at tiffanyc@sema.org.

By SEMA Editors

Ford has unveiled the Mustang GT3 race car, based on the all-new '24 Mustang Dark Horse, during a special ceremony as part of this year's 24 Hours of Le Mans. 

The automaker also announced plans to enter the GT3 into the iconic endurance race's FIA GT3 category in 2024, along with an entry in the 2024 World Endurance Championship season under Proton Competition, the German team led by team principal Christian Ried.

"It is not Ford versus Ferrari anymore. It is Ford versus everyone," said Jim Farley, CEO of Ford Motor Co.

Multimatic will build and support the GT3s, while M-Sport will assemble the Ford Performance-developed 5.4 L Coyote-based V8 engines. The GT3 features a bespoke short-long arm suspension, rear-mounted transaxle gearbox, carbon fiber body panels, and an aero package developed to meet GT3 targets.

In addition, the automaker announced a new Ford Performance branding described as a "cleaner, simplified look" that will be integrated across its racing vehicles.

New E1 World Championship to Launch Inaugural Electric Powerboat Racing Season

UIM E1 World Championship--the world's first all-electric powerboat racing championship--has unveiled the venues that will host the first-ever racing season beginning in January 2024.

The season will launch in Jeddah, Saudi Arabia, followed by a to-be-determined location in the Middle East in February 2024. Two events--set for April and May 2024--will take place in the waters of Venice, Italy. Then, competitors will visit Monaco in July 2024, followed by Rotterdam, Netherlands, in September 2024.

Teams will race RaceBirds boats near the shore, allowing fans to view the action from land.

WyoTech Announces Inaugural Hall of Fame Class

WyoTech--the U.S. automotive, diesel and collision trade school based in Laramie, Wyoming--has announced its inaugural Hall of Fame class, with alumni including the late trailblazer known as "The Fastest Woman on Earth, a John Deere master tech whose YouTube videos have garnered 8 million views, a custom car builder who returned as an instructor and more.

"Each of the six alumni has achieved tremendous career success and demonstrates WyoTech's capability of training students to succeed across the entire spectrum of the trade industry," said Jim Mathis, president and CEO of WyoTech. "We're honored to recognize them as the first inductees of WyoTech's Hall of Fame and to show the public the kind of impact our graduates have on the trade industry and the world."

To be eligible for the WyoTech Hall of Fame, alumni must be five years post-graduation and established in the industry.

The inaugural WyoTech Hall of Fame Class is (in alphabetical order):

• John Alonzo is the racing operations-marketing director for the race shop at Scoggin Dickey Parts Center in Lubbock, Texas, one of the world's leading dealers of high-performance engines and GM parts. 
• Jessi Combs (1980-2019): The late Combs broke stereotypes and records by joining the North American Eagle Supersonic Speed Challenger team and, in 2013, became "The Fastest Woman on Four Wheels" at 398 mph, with a top speed of 440 mph. In 2019, she set a new women's landspeed world record at 522.783 mph before the accident that took her life. That feat and her career were memorialized in the HBO Max documentary "The Fastest Woman on Earth."
• Dave Gilley is the founder and owner of Gilleyfab Enterprises, near Salt Lake City, Utah, known for top-tier, fine-quality fabrication in the UTV industry.
• Levi Green is the owner and instructor of HammerFab near Austin, Texas, which specializes in handcrafting upscale turnkey customs and industry-leading fabrication tools and parts.
• Zeth Key is a Master John Deere service technician at a Sloan Implement location in Illinois. In April 2008, he launched a YouTube channel in honor of his late friend Jake to promote the trade they loved and to "inspire a younger generation to pick up a wrench and start a great career" keeping agriculture running. In two years, the channel grew to 63,000 subscribers and 8 million views.
• Randy Svalina is a WyoTech specialties instructor who teaches students a curriculum and a way of life that helps their families and communities. "As a part of WyoTech, we help others reach their goals, their dreams, raise their families and succeed in their journey," he said.

For more racing news, visit performanceracing.com/industry-news.

By SEMA Editors

Briggs Automotive Company (BAC)--the Liverpool, United Kingdom-based car manufacturer known for the road-legal, single-seater Mono supercar--has announced an expansion with three new, state-of-the-art locations in the United States.

BAC Philadelphia (Pennsylvania), BAC Greenwich (Connecticut) and BAC Newport Beach (California) will be overseen by company partner RDS Automotive. 

"The USA is already BAC's largest primary global market. With the addition of these three new locations, the company will be able to meet increasing demand for the Mono range as well as BAC's revered bespoke and one-of-a-kind craftsmanship customization services," said Chris Lockhart, BAC's head of global sales.

NPW Acquires 20 Former Auto Plus Locations in Florida

National Performance Warehouse Companies (NPW)--the warehouse distributor of traditional, performance and truck parts and accessories based in Hialeah, Florida--has announced the acquisition of 20 former Auto Plus locations in Florida.

The newly acquired branches expand NPW's Florida market to 28 locations.

NPW, an Aftermarket Auto Parts Alliance shareholder, will rebrand the 20 new locations as Auto Value.

Power Automedia Launches Electrified: A New Digital Brand Dedicated to Electric Vehicles

Power Automedia--the media and automotive digital publishing company based in Temecula, California--has announced the official launch of "Electrified," a cutting-edge digital brand focused exclusively on electric vehicles (EVs).

"Electrified" is designed to deliver entertaining and informative content to EV enthusiasts worldwide through feature articles, industry news, reviews, EV swaps, editorial videos and related content.

Ian Lehn, the founder and CEO of BOOSTane--a leader in octane engineering--spoke to ABC News 5 in Cleveland, Ohio, about how the U.S. Environmental Protection Agency's (EPA) new pollution standards for the auto industry could unfairly tilt the market toward electric vehicles (EVs) over the next decade. View the discussion in the YouTube video here.

Click here to sign a letter opposing the EPA's proposal, which provides an opportunity to personalize the text and explain how the agency's push to an all-electric future will impact your business.

For more information, including how to take action against unfair policies like the proposed EPA emissions regulations, visit here. 

Ian Lehn, the founder and CEO of BOOSTane--a leader in octane engineering--spoke to ABC News 5 in Cleveland, Ohio, about how the U.S. Environmental Protection Agency's (EPA) new pollution standards for the auto industry could unfairly tilt the market toward electric vehicles (EVs) over the next decade. View the discussion in the YouTube video here.

Click here to sign a letter opposing the EPA's proposal, which provides an opportunity to personalize the text and explain how the agency's push to an all-electric future will impact your business.

For more information, including how to take action against unfair policies like the proposed EPA emissions regulations, visit here. 

By Kristin Goodwin

The SEMA Leaders & Legends Gala (formerly the SEMA Awards Gala) is a long-established tradition to honor and celebrate the individuals who have made extraordinary contributions to the automotive industry.

Join SEMA leadership, volunteers and industry icons at this year's Gala, Friday, July 21, in Anaheim, California, to honor the 2023 SEMA Hall of Fame Inductees.

Since its inception in 1976, the Gala has served as the formal gathering where new SEMA Hall of Fame inductees are introduced, the incoming Board of Directors are recognized and the outgoing Directors are thanked. In addition, SEMA council, network and industry leaders are also highlighted during the event.

Connect with friends and family who share a passion and love for the industry--and join others in helping celebrate Hall of Fame inductees' lifetime achievements--during an evening with cocktails, networking and dinner. Seating is limited; a full table can be purchased by selecting 10 tickets. 

The event will take place at the Anaheim Marriott (700 W. Convention Way).

Register for the 2023 SEMA Leaders & Legends Gala here.

By SEMA Editors

Arnold "Arnie" Kuhns--the motorsports safety pioneer and founder of SFI Foundation--has passed away. He was 83. Kuhns was inducted into the SEMA Hall of Fame in 2002 and the SEMA Motorsports Parts Manufacturers Council (MPMC) Hall of Fame in 2016.

In 1984, Kuhns was approached by his peers in the automotive industry to lead the newly formed SFI Foundation to address the increasing concern of inferior parts that posed a risk to safety at the race track. He developed what was, at the time, an innovative system to create minimum performance testing standards for race products.

Initially, SFI had only two employees managing four product standards for one sanctioning body. Now, SFI testing and certification has grown to more than 100 quality-assurance specifications utilized by hundreds of international sanctioning bodies.

During his career, Kuhns served as president of the International Council of Motorsports Sciences (ICMS) and was an active member of the NFPA 610 Committee for Safety at Motorsports Venues and the Association for the Advancement of Automotive Medicine.

Kuhns was honored with several accolades, including the Sports Car Club of America (SCCA) George Snively Award for Outstanding Contributions to Motorsports Safety (1995); the United States Auto Club Jack O'Neal Award for Motorsports Safety (1996); awarded an NHRA Wally for Valued Personal Contributions to the Sport of Drag Racing and High Performance Industries (2002); British Drag Racing Hall of Fame's Lucas Oil Global Achievement Award (2018); and Society of Automotive Engineers (SAE) John Melvin Motorsport Safety Award (2021). 

By SEMA Editors

Sources have caught the '24 Jeep Gladiator, which features a refreshed grille and alterations to the rear end.

Camouflage covered the interior dashboard, instrument panel and center stack, which might indicate a revamped cabin.

'24 VW Golf Breaks Cover

Sources have sighted the eighth-generation Volkswagen Golf undergoing testing with minimum camouflage in Austria.

The changes to the front show a new bumper layout, a redesigned lower grille and sleeker headlight units. At the rear is a new bumper design and revised inner graphics for the taillights.

The '24 model is expected to be the final internal combustion engine (ICE)-powered Golf before VW transitions to exclusively electric vehicles (EV) in 2033.

In addition to cab updates such as physical controls on the steering wheel, a new touchscreen display and digitally controlled "Smart Air Vents," the new Golf is expected to offer a more extensive range of advanced driver-assistance systems (ADAS).