US shrimp processors welcome tax credit
The American Shrimp Processors Association (ASPA) is praising Sen. Thad Cochran, R-Miss., for proposing a tax credit that will benefit processors.
Cochran proposed the credit in the form of an amendment to the Bring Jobs Home Act, a proposed law to remove incentives to outsource American jobs. The goal, according to ASPA, is to offset millions of US dollars in government subsidies that foreign nations are spending on their own native shrimp industries that allow prices on exports to the United States to undercut domestic products. An attempt last year to levy countervailing duties against seven of those foreign countries was largely unsuccessful.
“I am very pleased that Sen. Cochran is working hard to restore a level playing field for processors, harvesters and indeed entire Gulf communities that face unfair subsidies from a range of foreign governments,“ said David Veal, ASDA’s executive director. “Once again, Senator Cochran is standing up for a key Gulf industry.”