Washington, D.C. – U.S. Representative Ed Royce (R-Fullerton) voted for the American Manufacturing Competitiveness Act of 2016 (H.R. 4923), legislation to facilitate the ability of Congress to extend manufacturing tax relief to American manufacturers:
“Southern California remains a manufacturing hub, but our current tax code hinders companies that make their goods here at home and have to face global competition on a daily basis,” said Rep. Royce. “Lowering the tax burden on California’s manufacturers better enables them to sell their goods, grow their businesses, and hire more workers.”
The last manufacturing tax breaks passed by Congress expired on December 31, 2012. According to the National Association of Manufacturers, U.S. companies have since experienced a $748 million tax hike each year, undercutting their ability to compete and costing our economy $2 billion annually.
This bipartisan, bicameral legislation will create an open and transparent process for Congress to consider tax relief requests through the Miscellaneous Tariff Bill (MTB). American businesses will be allowed to petition the independent, non-partisan International Trade Commission to explain their need for a specific tariff reduction or suspension. After the independent panel receives these petitions, it solicits comments from the public and the Administration and issues a public report to Congress with its analysis and recommendations regarding products that meet the MTB’s standards.
