WASHINGTON, April 14, 2016 /PRNewswire-USNewswire/ -- The Society of Chemical Manufacturers and Affiliates (SOCMA) today welcomed the introduction of a bipartisan Senate bill that would overhaul the Miscellaneous Tariff Bill (MTB) process.
Just hours after House Ways & Means leadership introduced a bill to move the MTB process forward, Senate Finance Committee Chairman Orrin Hatch (R-UT) and Ranking Member Ron Wyden (D-OR) released legislation that mirrors the House bill.
"We are extremely pleased to see both the House and Senate introduce these bills that are so similar in nature and would, at long last, establish a new process for the enactment of a Miscellaneous Tariff Bill (MTB)," said William E. Allmond, SOCMA Vice President of Government and Public Relations. "These proposed bills are a positive step forward in creating and delivering an open and transparent process for both chambers to consider manufacturing tax cuts, which will benefit many American manufacturers.
"Passage of the MTB is especially critical to our SOCMA member companies, of which about 80 percent are small and medium-sized manufacturers," Allmond said. "Today Brooke DiDomenico of SOCMA member Nation Ford Chemical Company is testifying before the House Ways & Means Subcommittee on Trade to share their story about how much the MTB benefits small chemical manufacturers. Without duty suspensions provided through the MTB, our members are paying millions of dollars more for raw materials and intermediate products that are not available to them in the United States but are essential to their manufacturing processes. The cost savings help our members maintain competitive operations, invest in new facilities, re-train workers, and preserve our manufacturing base."
Just like the House bill, the proposed Senate bill would 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 would then issue a public report to Congress recommending certain products that meet the MTB tests. Congress would then be able to consider the MTB within existing rules.
"We strongly urge Congress to work quickly and jointly to pass a new MTB process that allows each chamber to set up MTB processes consistent with their rules," Allmond said.
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