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NAM Release Praising House Passage of FSC Repeal Bill

NOV. 14, 2000

NAM Release Praising House Passage of FSC Repeal Bill

DATED NOV. 14, 2000
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NAM APPLAUDS HOUSE PASSAGE OF EXPORT TAX BILL URGES PRESIDENT TO SWIFTLY SIGN THE BILL INTO LAW

 

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NATIONAL ASSOCIATION OF MANUFACTURERS

 

 

[1] WASHINGTON, D.C., Nov. 14, 2000 -- The National Association of Manufacturers (NAM) today applauded the U.S. House of Representatives for overwhelmingly approving a Senate-passed measure to replace the current foreign sales corporation (FSC) tax provisions with a comparable alternative that is compliant with World Trade Organization (WTO) rules, and urged President Clinton to swiftly sign the bill into law.

[2] "Immediate action to sign this bill into law is essential, as we have already missed the November 1 deadline and the European Union plans to begin trade retaliation procedures on November 17," said NAM Senior Vice President Michael E. Baroody. "Every day that passes beyond the deadline increases our vulnerability to billions of dollars in retaliatory sanctions and affects our credibility as a WTO member.

[3] "More than 4,300 FSCs provide U.S. exporters with a tax benefit to approximate benefits enjoyed by our competitors abroad. We commend the Congress for clearing the way for the President to sign this important proposal into law so that we can meet our WTO obligations and American exporters can remain globally competitive.

[4] "This legislation is a glowing example of bipartisan cooperation between Congress and the Administration. But it couldn't have happened unless the House leadership recognized the urgency of expediting its passage as a stand-alone bill. We thank them especially," Baroody concluded.

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