U.S. Congress Passes Miscellaneous Tariff Bill
The United States Senate passed a Miscellaneous Tariff Bill (MTB) last week by unanimous consent. With its earlier approval by the House of Representatives, the legislation now heads to the president’s desk for his signature.
The MTB would eliminate or reduce hundreds of import duties on raw materials and intermediate products that are not produced or available domestically. The last MTB passed by Congress expired on December 31, 2012. The National Association of Manufacturers estimated that manufacturers pay $748 million more in taxes annually as a result.
The passage of the bill elicited praise from NAM and other industry groups.
“Leaders in the Senate and House have listened to manufacturers’ calls for action,” said Jay Timmons, NAM’s CEO. “The bill quickly will eliminate unnecessary border taxes that have been costing manufacturers in the United States hundreds of millions of dollars and undermining their competitiveness. This legislation levels the playing field with competitors overseas who do not endure these punitive taxes. It will strengthen manufacturers’ ability to create jobs and to continue driving innovation in the United States.”
“MTB legislation boils down to one thing: supporting and growing manufacturing jobs right here in America,” said Rep. Sander Levin (D-Michigan), one of the bill’s sponsors. “It has been a frustrating six years since this Congress passed an MTB. And it has been even more frustrating for manufacturers across the country.”
The Society of Chemical Manufacturers and Affiliates (SOCMA) also applauded the Senate’s action.
“The new MTB process will assist U.S. chemical manufacturers in regaining their competiveness, investing in research and development efforts, and creating new jobs,” said SOCMA President and CEO Lawrence D. Sloan. “SOCMA has worked with lawmakers in both the House and Senate for more than four years to get a new MTB process passed, and we are excited to see if finally come to fruition.”
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