WASHINGTON, May 23, 2016 /PRNewswire-USNewswire/ -- The Society of Chemical Manufacturers and Affiliates (SOCMA) on Friday celebrated President Obama's signing into law the American Manufacturing Competitiveness Act of 2016 (H.R. 4923), bipartisan legislation that would create a Miscellaneous Tariff Bill (MTB) process to eliminate tariffs on inputs and other products that aren't produced or available in the United States.
"This landmark victory finally ends years of unnecessary tax increases on U.S. specialty chemical manufacturers, many of whom are already paying higher prices for raw materials not domestically produced," said William E. Allmond, SOCMA Vice President of Government and Public Relations.
The new law will require a review of domestic availability, including public comments, by the International Trade Commission (ITC), an independent, non-partisan agency. After its analysis, the ITC will then issue a public report to Congress recommending certain products that meet the MTB tests. Congress will now be able to consider the MTB within existing rules.
"Reducing tariffs increases incentives for SOCMA members to create new jobs and grow their businesses here at home," Allmond said. "With federal regulatory costs on the rise and increased foreign competition, this victory could not have happened at a better time."
The new process is expected to be in place by October 2016, when the ITC will begin accepting petitions.
Since 1921, SOCMA has represented a diverse membership of small, medium and large chemical companies located around the world. www.socma.com.
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SOURCE Society of Chemical Manufacturers and Affiliates