Transportation Freedom Act

Tax Deductions for Manufacturers: Qualifying taxpayers engaged in producing automobiles or components in the United States can claim a deduction equal to 200 percent of eligible wages paid to applicable individuals (Section 101(a)).

Job Security and Benefits: The bill encourages higher standards of employment by requiring qualifying taxpayers to offer platinum level group health coverage or higher, and participation in defined benefit or defined contribution plans (Section 101(b)(5)).

Retirement Security: Benefits extend to retired individuals who were previously employed by the qualifying taxpayer, requiring that they be offered platinum level health coverage (Section 101(b)(6)).

Profit Sharing: The bill links large non-recurring dividends or stock redemptions to a requirement that at least $2,000 be distributed to each applicable individual through a profit-sharing plan (Section 101(b)(7)).

Economic Feasibility of Standards: New emissions and fuel economy standards must be based on economic practicability, affordability, and market readiness (Section 402(b)(1)).

Loss of Existing Emissions Standards: The bill repeals current multipollutant emissions standards for light-duty and medium-duty vehicles (Section 201), as well as phase 3 heavy-duty vehicle greenhouse gas standards (Section 202).

Repeal of CAFE Rules: Existing CAFE standards rules are repealed (Section 203).

Elimination of Emissions Waivers: The bill eliminates vehicle emissions waivers and revokes existing waivers, including those held by the State of California for zero-emission vehicle mandates (Section 301).

Wages Cap: The tax deduction for eligible wages is capped at $150,000 per taxable year per individual (Section 101(c)(2)).