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SENATORS URGE IMMEDIATE REPEAL OF BOAT LUXURY TAX; SENATE FINANCE CHAIRMAN MOYNIHAN REPORTS PRESIDENT CLINTON WANTS REPEAL

 WASHINGTON, March 3 /PRNewswire/ -- The National Marine Manufacturers Association issued the following:
 A bipartisan group of U.S. senators lead by Sen. John Chafee (R-R.I.) and John Breaux (D-La.) reiterated the need for immediate repeal of the 10 percent luxury tax on boats during debate on jobless benefit extension legislation. Senate Majority Leader George Mitchell (D-Maine) reasserted that this tax "should be and must be repealed ... and soon."
 Senate Finance Chairman Patrick Moynihan (D-N.Y.) announced that President Clinton fully supports repealing the 10 percent luxury tax. "It will be repealed for the third time and this time it will be signed," Moynihan said.
 Senate Minority Leader Bob Dole (R-Kan.) and Connie Mack (R-Fla.), who renamed the boat luxury tax the "layoff tax," joined in the colloquy.
 The National Marine Manufacturers Association (NMMA) estimates the 10 percent excise tax on boats costing at least $100,000 has resulted in the loss of more than 25,000 mostly blue-collar jobs, as well as hundreds of plant and boat dealer closings in the recreational boating industry. The NMMA has led the industrywide effort for almost two years seeking repeal of the boat luxury tax.
 According to NMMA President Jeff Napier, "By repealing this ill- conceived tax we can support the president's initiatives for creating jobs by putting thousands of people back to work." Napier commended the senators for their continued efforts to seek repeal, while warning that time was of the essence. "We are pleased to learn of Mr. Clinton's support for repeal and obviously pleased with the continued help from our friends in the Senate. But with far too many businesses on the verge of bankruptcy and many workers on the verge of unemployment, we need this damnable tax repealed and off the books immediately."
 The National Marine Manufacturers Association represents 1,700 manufacturers of recreational boats, engines and marine trailers and accessories.
 -0- 3/3/93
 /CONTACT: National Marine Manufacturers Association, 202-944-4980/


CO: National Marine Manufacturers Association ST: District of Columbia IN: MAR SU: LEG

KD-TW -- DC020 -- 2603 03/03/93 15:59 EST
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Publication:PR Newswire
Date:Mar 3, 1993
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