NEMA Applauds Tax Relief Bill

The National Electrical Manufacturers Association commanded President George Bush for signing H.R. 4520,the Job Creation Act of 2004. The bill passed both the House and Senate in October. The $140 billion package mandates a deduction for income from domestic manufacturing and production activities as well as a $77 million tax break over the next decade for U.S. manufacturing companies. H.R. 4520 repeals the U.S. Foreign Sales Corp./Extraterritorial Income Tax, which was declared illegal by the WTO and compensates compaies for the removal of FSC/ETI. Welding products, steel conduit, insulators,wire and cable are among the produts affected by this tariff. NEMA president Melcolm O’Hagan said in the association’s press release,"This bill is timely for many reasons and provides an important boost to U.S. electrical manufacturers and the economy. The bill is pro-growth and pro-job creation and will assist out members in a global economy. It will no doubt result in the lowering of retalitory tariffs on U.S. products by the European Union."