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CONGRESS FAILS TO REPEAL BOAT LUXURY TAX THIS YEAR: SENATE COMMITS TO REVISIT ISSUE IN EARLY '92

 CONGRESS FAILS TO REPEAL BOAT LUXURY TAX THIS YEAR:
 SENATE COMMITS TO REVISIT ISSUE IN EARLY '92
 WASHINGTON, Nov. 26 /PRNewswire/ -- Both the House Ways and Means Committee and the Senate Finance Committee met yesterday to vote on tax "extender" bills, according to the National Marine Manufacturers Association (NMMA) Government Relations Office.
 Both congressional committees committed to passing a "clean bill" void of amendments, including a boat luxury tax repeal amendment.
 However, the Senate Finance Committee mark-up session on the extenders bill contained significant Senate discussion on the boat tax repeal. Sens. John Breaux (D-La.), John Chafee (R-R.I.) and Bill Bradley (D-N.J.) exerted efforts to influence Chairman Lloyd Bentsen (D-Texas) to allow a boat luxury tax repeal amendment to be attached to the first appropriate tax vehicle in early 1992 when Congress reconvenes. Bentsen concurred. At Chafee's urging, Bentsen also agreed to strongly consider making repeal retroactive to yesterday's date, Nov. 25, 1991, to further stimulate the boat industry once the tax is repealed.
 Vice President Government Relations for NMMA David Broome said that while the industry has been working for total repeal prior to Congress' adjournment this year, the commitment to revisit the issue next year is still good news for the industry. "Boat workers can at least have hope through the holiday season that this harmful tax is being taken very seriously in Congress," said Broome. "We have friends in the House and Senate who will ensure that the boat industry will be on the front burner when Congress returns next year."
 Congress is scheduled to reconvene Jan. 21, 1992.
 -0- 11/26/91
 /CONTACT: Cheri Jacobus of the National Marine Manufacturers Association, 202-338-6662/ CO: National Marine Manufacturers Association ST: District of Columbia IN: MAR SU: LEG


SB -- DC023 -- 7401 11/26/91 14:39 EST
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Date:Nov 26, 1991
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