WASHINGTON — The National Marine manufacturers Association, the nation's leading recreational marine trade association, is lauding the passage of the most comprehensive corporate tax overhaul in 20 years. "The passage of this legislation is a signal to U.S. manufacturers that they are valued as one of the pillars of strength of the U.S. economy," stated Thom Dammrich, NMMA president. "All manufacturers, including NMMA members will continue to strengthen their operations because of the provisions in this bill. From improvements in plant infrastructure to increased payrolls, this is a win-win for all."

Referred to by many common names, including the American Jobs Creation Act of 2004, and the Jumpstart Our Business Strength (JOBS) Act, H.R. 4520 was drafted originally to address the U.S. scheme of manufacturing subsidies that were deemed illegal by the World Trade Organization (WTO) over two years ago. Congress quickly realized an opportunity to make significant and long-overdue changes to the U.S. corporate tax structure.

Next to repealing the illegal manufacturing subsidies, the bill provides tax deductions that effectively lower the corporate income tax rate from 35 to 32 percent. It also provides tax relief for overseas profits, which will allow companies to reinvest profits they have parked offshore while they waited for a more favorable climate in which to reinvest at home.

NMMA actively supported H.R. 4520 as it worked its way through the legislative process in the Senate and House. In the Senate, NMMA met with and wrote to Senators Charles Grassley (R-IA), and Max Baucus (D-MT) encouraging and supporting them to pass H.R. 4520. In the House, NMMA met with Congressman Phil Crane (R-IL) and many others in a similar effort. NMMA stressed the need to provide an atmosphere in which U.S. manufacturers would reinvest in their businesses and workforces.

"NMMA is dedicated to supporting all legislation that ensures the continued growth of the recreational boating industry," said Monita Fontaine, NMMA vice president of government relations. "This industry provides good jobs for thousands of workers and supplies the American people with safe, quality products.