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The MTB, a compilation of individual duty suspensions bills, reduces 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 Lawrence D. Sloan, SOCMA president and CEO. “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.”
For more information, visit www.socma.com.