July 22, 2010

2 Min Read
SOCMA Welcomes House Passage of Miscellaneous Tariff Bill

The Society of Chemical Manufacturers and Affiliates (SOCMA) has commended the House of Representatives for helping create and preserve thousands of U.S. 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 U.S. The legislation assists chemical manufacturers of all sizes to import production components that are not available in the U.S. 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, it has represented a diverse membership of small, medium, and large chemical companies, making it the leading authority on this sector. SOCMA has a global membership of more than 200 companies. In the U.S., members employ more than 100,000 workers across the country and produce 50,000 products valued at $60 billion annually. For more information, visit www.socma.com.

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