Magazine article Business Credit

Congress Takes Up Manufacturing Bill with Rare Bipartisan Support

Magazine article Business Credit

Congress Takes Up Manufacturing Bill with Rare Bipartisan Support

Article excerpt

Following in the wake of the fiasco surrounding the early 2013 resolution of the so-called "fiscal cliff," the United States Congress kicked back to unwind with a bipartisan bill that will lower taxes for manufacturers.

The U.S. Job Creation and Manufacturing Competitiveness Act of 2013 (H.R. 6727) provides temporary tax relief to help U.S. companies compete and expand, mainly by lowering the cost of manufacturing inputs and some finished products not made or available here in the United States. The package is broadly-supported and includes provisions from more than 2,000 bills introduced in the House of Representatives and Senate via the Miscellaneous Tariff Bill (MTB) process.

Each year, the House Ways and Means Committee and Senate Finance Committee commence the MTB process by inviting members to introduce temporary miscellaneous tariff bills for consideration and inclusion in the resulting bill. Each of the bills is then reviewed by the Ways and Means Committee, the Finance Committee, the International Trade Commission and the Department of Commerce, and then summarily combined into a final bill, such as H.R. 6727.

"The MTB is a jobs bill, pure and simple," said Ways and Means Trade Subcommittee Chairman Kevin Brady (R-TX). …

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