NMMA calls for industry support of the Bipartisan Innovation Act
by National Marine Manufacturers Association 18 Jun 08:40 PDT
Washington DC © National Marine Manufacturers Association
Ahead of the summer recess, negotiations are under way between members of Congress on legislation to boost domestic manufacturing, reduce supply chain disruptions, and invest in American research and development (R&D).
Referred to as the Bipartisan Innovation Act (BIA), this legislation will address a number of priorities for the recreational boating industry, including:
- Reinstate and expand the exclusion process for Section 301 tariffs, which are currently costing marine manufacturers over $30 million in taxes.
- Address the U.S. semiconductor shortage currently impacting and stalling the marine manufacturing process.
- Invest in American manufacturing by boosting research and development and allowing business to fully deduct R&D expenses in the same year they are incurred.
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