House passes bill that will lower tariffs on certain marine products
NMMA is pleased to share the news that on Tuesday evening the U.S. House passed legislation that will lower costs for some marine products companies. The legislation approved a package of Miscellaneous Tariff Bills (MTBs), which reduce or suspend import duties on certain products for three years. These products were fully vetted to ensure there was no domestic production and that they did not cost more than $500,000 each.
The specific marine products included are marine engine crankcases, marine engine cylinder heads, fishing equipment, and some life jackets. The bill will now move to the Senate for a final vote before heading to the White House for signature by the President.
The Hill recently reported on this, noting that, "The program, which expired five years ago, is expected to save businesses millions of dollars a year while making them more globally competitive."
For more information please contact NMMA's Vice President for Federal and Legal Affairs, Nicole Vasilaros at [email protected].