OR WAIT 15 SECS
The Society of Chemical Manufacturers and Affiliates (SOCMA) welcomed the signing of HR 4380, the United States Manufacturing Enhancement Act of 2010, also known as the Miscellaneous Tariff Bill (MTB) into law (Public Law 111-227) by President Barack Obama on Aug. 11, 2010.
The Society of Chemical Manufacturers and Affiliates (SOCMA) welcomed the signing of H.R. 4380, the United States Manufacturing Enhancement Act of 2010, also known as the Miscellaneous Tariff Bill (MTB) into law (Public Law 111-227) by President Barack Obama on Aug. 11, 2010. The bill is a compilation of duty suspensions that allows manufacturers to eliminate duties for certain raw materials imported into the United States, according to a SOCMA press release. SOCMA is the US-based trade association representing custom and batch manufacturers, including contract manufacturers of active pharmaceutical ingredients and pharmaceutical intermediates.
“We commend President Obama for his swift signing of the MTB,” said SOCMA President and CEO Lawrence D. Sloan, in the SOCMA release. “This bill is a crucial boost for many SOCMA members, many of whom are small and medium-sized businesses….Duty suspension will allow companies of all sizes to invest their resources in growth of their production and workforce in the face of a tough economy. SOCMA is pleased to see Congress and the President show their support for US manufacturing and jobs.”
The MTB law contains tariff suspensions that will undergo a vetting process by which tariff-relief requests are reviewed to ensure that there is no domestic opposition, according to a statement by the House Ways and Means Committee Chairman Sander M. Levin (D-MI). Participating in the review will be the US House Committee on Ways and Means, the US Senate Finance Committee, the Administration, and the US International Trade Commission. The relief provided under the law is temporary, meaning that if a US business begins manufacturing a product covered by a current MTB provision and the business objects to extending the provision when it comes up for renewal, it will not be extended.
The bill was supported by other groups, including the National Manufacturers Association, the US-based trade association representing US manufacturing companies.
Read background information on the legislation.
See related PharmTech article, USITC Considers Tariff Relief for Pharmaceutical Products