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SENATE MOVES CLOSER TO RESTORING BOAT JOBS

 SENATE MOVES CLOSER TO RESTORING BOAT JOBS
 WASHINGTON, June 17 /PRNewswire/ -- The Senate Finance Committee


voted to repeal the boat luxury tax as part of a bill extending several popular tax provisions set to expire at the end of the month. Jeff Napier, president of the National Marine Manufacturers Association (NMMA), praised the lawmakers for taking action to restore the 20,000 mostly blue-collar jobs that have been lost because of the 10 percent tax imposed on boats a year and a half ago, and urged a swift resolution to the repeal issue.
 "Finance committee members John Breaux (D-La.) and John Chafee (R-R.I.) should be commended for their diligent work in pressing for repeal of this damaging tax," said Napier. "But with losses of boat sales and associated tax revenues mounting each week, it is in everybody's best interest to assure its passage quickly."
 Efforts by boat manufacturers to repeal the luxury tax have had the backing of President Bush and a majority of the House and Senate for months, but have been side-tracked a number of times in the legislative process. A similar measure to repeal the luxury tax was included in both Senate and House versions of a controversial tax bill vetoed earlier this year.
 Napier urged Congress to move the current repeal measure through both chambers and the ensuing conference committee immediately in order to have the maximum positive effect on resurrecting the boat manufacturing industry. "Each week the tax is allowed to stand costs the boating industry, as well as the American taxpayer."
 Since its enactment on Jan. 1, 1992, the boat luxury tax has drawn criticism from Democrats and Republicans alike for its unintended consequences, including a precipitous drop in boat sales that led to job loss and bankruptcy for the marine industry, bad loans for banks, lost payroll taxes for the government and the added drain of unemployment benefits on state and federal budgets.
 -0- 6/17/92
 /CONTACT: Cheri Jacobus of the National Marine Manufacturers Association, 202-338-6662/ CO: National Marine Manufacturers Association ST: District of Columbia IN: SU: LEG


TW-MH -- DC002 -- 0967 06/17/92 09:42 EDT
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Date:Jun 17, 1992
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