Skip to main content
Updated:
Original:

NMMA urges Congress to act on small-business relief

As Congress reconvenes today in advance of the mid-term elections, legislative business is likely to be complicated by pre-election posturing, according to the National Marine Manufacturers Association, which is monitoring a number of bills of interest to the industry.

Major agenda items include an NMMA-backed small business bill that languished before the recess over procedural concerns. The Senate version of this legislation, H.R. 5297, includes an extension of the Small Business Administration Dealer Floorplan Financing Program for three years and would increase SBA loan caps for dealer floorplan financing to $5 million, eliminate SBA fees and make other improvements that will enhance credit availability for floorplans and other business credit.

The legislation also includes more than $12 billion in small-business tax relief, as well as an NMMA-backed Small Business Lending Fund that would make available $30 billion for small business lending.

The Senate is expected to take up the bill for floor votes Tuesday.

Congress probably also will consider a range of Bush-era tax cuts set to expire at the end of the year. President Obama would extend the cuts for those who earn less than $250,000, but Republican leaders are calling for a two-year extension of all tax cuts. The NMMA strongly supports the full extension of existing tax rates.

Congress also will consider permanently extending and strengthening the Research and Development Tax Credit, which NMMA also supports.

Congress will adjourn Oct. 8. Members will return home to campaign.

Related

AIM Marine Group Hosts Meet the Editors Event

More than a dozen editors from Active Interest Media’s Marine Group participated in the day-long, information-sharing event.

Fairline Makes Leadership Appointments

The British luxury boatbuilder founded plans to chart its course for the future with a new CEO and the return of Derek Carter as chairman.

Battle on the Great Lakes Rages On

The Icebreaker Wind Turbine Development faces strong headwinds from boating and fishing groups.

Limestone Boat Co. Expands Dealer Network

The company adds four new dealers to its roster, with three to represent Aquasport Boats.

NMEA Announces ‘22 Training Course Schedule

For next year, marine training courses will be offered as virtual and in-person sessions for basic marine electronics installers, and in-person only for advanced installers.

GM Invests $150M in Electric Boat Start-Up

General Motors has acquired a 25-percent stake in Pure Watercraft, a Seattle-based e-propulsion outfit.

Patrick Acquires Marine and RV Seating Maker

The Elkhart, Ind.-based component manufacturer finalized its purchase of Williamsburg Marine and Williamsburg Furniture.