SOCMA Welcomes House Passage of Miscellaneous Tariff Bill
Legislation Benefits US Chemical Firms of All Sizes
FOR IMMEDIATE RELEASE
July 21, 2010
Manager, Public Relations & Media
Washington, DC –The Society of Chemical Manufacturers and Affiliates (SOCMA) today commended the House of Representatives for helping create and preserve thousands of US chemical manufacturing jobs by passing the Miscellaneous Tariff Bill (MTB), a key legislative priority for SOCMA and its members.
The MTB, a compilation of individual duty suspensions bills, cuts down production costs by waiving duties on raw materials imported into the United States. The legislation assists chemical manufacturers of all sizes to import production components that are not available in the US without absorbing additional costs.
“SOCMA, along with the broader business community, has been advocating for the swift passage of this bill and welcomes today’s vote in Congress,” said SOCMA President and CEO Lawrence D. Sloan. “The duty suspension provisions have a direct impact on the bottom-line of SOCMA members. The cost-savings achieved by the MTB will allow small and mid-sized batch chemical manufacturers to maintain competitive operations, invest in new facilities, retrain workers, and preserve our industry base.”
Congress has extended the MTB every time it has faced expiration, most recently in 2006. The provision expired last year, forcing manufacturers to pay higher tariffs on imported components at a time when the nation’s unemployment rate sits just under 10 percent. Passage of this legislation was among the issues advanced by SOCMA’s annual Washington Fly-in last month, which included participation from over 30 SOCMA members.
SOCMA is the only U.S. based trade association dedicated solely to the batch, custom and specialty chemical industry. Since 1921, we have represented a diverse membership of small, medium and large chemical companies, making us the leading authority on this sector. SOCMA has a global membership of more than 200 companies. In the US, members employ more than 100,000 workers across the country and produce 50,000 products valued at $60 billion annually. For more information on our services and products, please visit www.socma.com.
ChemStewards® is SOCMA’s flagship environmental, health, safety and security (EHS&S) continuous performance improvement program. ChemStewards was created from industry’s commitment to reducing our environmental footprint. Industry created ChemStewards to meet the unique needs of the batch, custom, and specialty chemical industry. As a mandatory requirement for SOCMA members engaged in the manufacturing or handling of chemicals, ChemStewards is helping participants reach for superior EHS&S performance. To learn more visit www.chemstewards.com.