Today the Ways and Means Committee unanimously voted to pass the American Manufacturing Competitiveness Act of 2016. The bipartisan, bicameral legislation will reform the way the House considers manufacturing tax breaks for certain imported products, helping American manufacturers reduce costs, create jobs, and compete in the global market.
During the markup of the legislation, Ways and Means Chairman Kevin Brady (R-TX) explained:
“We tried to create a very open process and timetable that we’re all very aware of … It’s important here to make the case we are not changing the earmark ban within the house … In this case, it’s a three-step process: Initiating the MTB process through the ITC publicly; the ITC analyzing it and seeking public comment as it has in the past; and step three is the exercise of our constitutional role because it is the Committee that takes those recommendations, puts this in a MTB proposal and begins the regular order that we would with any bill.”
The new MTB process has received broad bipartisan support from groups such as the National Association of Manufacturers, Americans for Tax Reform, the National Taxpayers Union, and a coalition of more than 200 small businesses.
For more information about the American Manufacturing Competitiveness Act of 2016, click here.