President Obama signed into law yesterday the U.S. Manufacturing Enhancement Act of 2010, more commonly known as the miscellaneous tariff bill, or MTB (H.R. 4380).
Attending the signing ceremony was the Outdoor Industry Association, a key player whose help included getting the MTB passed by Congress by contacting dozens of House and Senate offices to encourage votes in favor of the legislation.
Key attributes of the legislation define a more stable manufacturing industry within our borders. Thus, the Manufacturing Enhancement Act of 2010 will create jobs, help American companies compete, and strengthen manufacturing as a key driver of our economic recovery. How does it work? To make their products, manufacturers often have to import certain materials from other countries and pay tariffs on those materials. This legislation will reduce or eliminate some of those tariffs, which will significantly lower costs for American companies across the manufacturing landscape - from cars to chemicals; medical devices to sporting goods. The result will boost output, support good jobs in the U.S., and lower prices for American consumers.
The MTB applies to an array of outdoor products, including extensions of duty suspensions on waterproof breathable footwear that OIA guided to congressional passage in 2006. It also affects fishing footwear, ski and snowboard equipment and footwear.
The presidential signature means the legislation is now enacted into law. However, affects of the new legislation MTB won’t take effect for another 15 days. This means that all imported product eligible for duty suspension entered or withdrawn from warehouse prior to August 26, 2010 will need to file for retroactive reimbursement for duties paid from the beginning of this year.
