WASHINGTON, April 13, 2016 /PRNewswire-USNewswire/ -- The Society of Chemical Manufacturers and Affiliates (SOCMA) today welcomed the introduction of the American Manufacturing Competitiveness Act of 2016, a bill that would strengthen the Miscellaneous Tariff Bill (MTB) process. The bill was introduced by House Ways & Means Committee Chairman Kevin Brady (R-TX) and committee leadership.
"We are extremely pleased by the introduction of a bill that would, at long last, establish a new process for the enactment of a Miscellaneous Tariff Bill," said William E. Allmond, SOCMA Vice President of Government and Public Relations. "The proposed bill is 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. "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."
The proposed 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