[Bills in Focus] Vehicle recording mandates, chip incentives


Proposed Bill: Partial Amendment to the Motor Vehicle Management Act Rep. Lee Hun-seung of the People Power Party has proposed a bill to amend the Motor Vehicle Management Act in response to a recent tragic accident in front of Seoul City Hall. The incident resulted in nine fatalities, and the cause of the acceleration accident remains unclear. The proposed amendment aims to address this by mandating the installation of a camera that records pedal activity in vehicles. This measure would help determine the cause of accidents by providing evidence of whether the vehicle stopped when the driver applied the brakes, thus aiding in establishing liability in such cases. Proposed Bill: Partial Amendment to the Act on Restriction on Special Cases Concerning Taxation Rep. Kim Tae-nyeon of the Democratic Party of Korea has introduced an amendment to expand tax credits for semiconductor companies. The proposed changes include extending tax credits to cover investment in research and development facilities, increasing the overall tax credit rates by 10 percent, and extending the sunset clause for the tax credits until December 31, 2034. These adjustments aim to incentivize and support the semiconductor industry in its research and development efforts through favorable tax policies.


Previous Post Next Post