NAM: Manufacturers Concerned by Treasury’s ‘Modernized Drawback’ Rule
Washington, D.C. – The National Association of Manufacturers (NAM) released the following statement on the U.S. Treasury Department’s new “Modernized Drawback” rule:
Congress intended drawback for taxes paid on distilled spirits, beer, wine and other products because of their importance to driving U.S. exports, so it should come as no surprise that manufacturers have serious concerns with Treasury’s rule, said NAM Vice President of Labor, Legal and Regulatory Policy Patrick Hedren. We are exploring all options to resolve this issue so that manufacturers’ competitiveness is not impacted negatively.
In September, the NAM submitted 84 pages of comments to the U.S. Treasury Department outlining manufacturers’ concerns with the proposed rule.
The National Association of Manufacturers (NAM) is the largest manufacturing association in the United States, representing small and large manufacturers in every industrial sector and in all 50 states. Manufacturing employs more than 12 million men and women, contributes $2.25 trillion to the U.S. economy annually, has the largest economic impact of any major sector and accounts for more than three-quarters of private-sector research and development. The NAM is the powerful voice of the manufacturing community and the leading advocate for a policy agenda that helps manufacturers compete in the global economy and create jobs across the United States. For more information about the Manufacturers or to follow us on Shopfloor, Twitter and Facebook, please visit www.nam.org.