WASHINGTON D.C. (BRAIN)—President Obama signed into law yesterday the U.S. Manufacturing Enhancement Act of 2010, better known as the miscellaneous tariff bill, or MTB (H.R. 4380).
Bicycle companies will benefit from lower tariffs on tubing, speedometers, road and hydraulic disc brakes and certain rims and cranks.
The White House signing ceremony was attended by the Outdoor Industry Association.
OIA and its members were instrumental in getting the MTB passed by Congress, contacting dozens of House and Senate offices to encourage votes in favor of this important legislation. In recognition of these efforts, OIA was invited to be present as the President signed the bill into law.
The MTB applies to several categories 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.
Yesterday's presidential signature means the legislation is now enacted. The MTB, however, does not take effect for another 15 days from yesterday. This means that all imported product eligible for duty suspension entered or withdrawn from your warehouse prior to August 26, 2010 will need to file for retroactive reimbursement for duties paid from the beginning of this year.
Although U.S. Customs and Border Protection has not yet filed a public notice as to the procedures required to file reimbursement, OIA will assist members in evaluating whether their products are eligible for duty suspensions and with filing reimbursements from CBP.