On Friday, March 30, the House Ways and Means and Senate Finance Committees issued separate announcements commencing the 112th Congress Miscellaneous Tariff Bill (MTB) process. See announcements below.
Interested Members must introduce bills requesting a temporary duty suspension or reduction no later than April 30, 2012. This means that companies interested in seeking a duty reduction or suspension request must take action now to participate in the process.
The MTB, which historically has enjoyed bipartisan, bicameral support, supports U.S. manufacturing by temporarily reducing import duties on manufacturing inputs not available in the United States. For companies who manufacture in the United States, the MTB can lower production costs, increase the competitiveness of final products and support U.S. jobs. For consumers of finished goods not produced in the United Sates, the MTB can also reduce costs associated with importing such goods.
As with previous MTBs, proposed bills seeking relief from import duties must be: (1) non-controversial; (2) cost the U.S. Treasury under $500,000 per year in foregone tariff revenue; and (3) be administrable by Customs and Border Protection when goods are presented for entry into the U.S. In addition, each bill is carefully vetted by the independent International Trade Commission and other Executive Branch agencies, including the Department of Commerce, U.S. Customs and Border Protection and the United States Trade Representative.
The deadline for submitting bills is very tight this year. If you are interested in seeking a MTB reduction or suspension, it is important to take steps now to draft a bill and identify a Member of Congress who will introduce it by April 30th. Please let us know if you have any questions about whether a product your company imports qualifies for inclusion in the MTB. We would be happy to assist and guide you through the House and Senate processes.
For more information about this advisory, contact: