BILOXI, Miss., July 25, 2014 (GLOBE NEWSWIRE) -- On Thursday, July 24, Senator Thad Cochran (R-MS) introduced an amendment to S. 2569 to provide a tax credit for shrimp production and efficiency improvements that would benefit both Gulf shrimp processors and harvesters. S. 2569, the Bring Jobs Home Act, is designed to eliminate some incentives for the outsourcing of American jobs. The shrimp tax credit that Senator Cochran is attempting to add to the bill is designed to provide some redress for the U.S. industry in the wake of more than $250 million in government subsidies by seven nations to their shrimp industries that were documented by the U.S. Department of Commerce in 2013. These seven nations are China, Ecuador, India, Indonesia, Malaysia, Thailand and Vietnam. The amendment is fully offset and paid for.
"I am very pleased that Senator 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 American Shrimp Processors Association Executive Director David Veal. "Once again, Senator Cochran is standing up for a key Gulf industry."
"Senator Cochran understands that fair trade needs to be restored for the U.S. shrimp industry to survive for the long term," said Edward T. Hayes, Counsel to ASPA. "We are very grateful for his leadership on this important ASPA priority."
About the American Shrimp Processors Association: The American Shrimp Processors Association (ASPA), based in Biloxi, Mississippi, was formed in 1964 to represent and promote the interests of the domestic, U.S. wild-caught, warm water shrimp processing industry along the Gulf and South Atlantic with members from Texas to North Carolina. We are the collective voice of the industry, and our focus is to promote the interests of shrimp processors, other segments of the U.S. domestic wild-caught shrimp industry and the general public. The Association website can be found at http://www.americanshrimp.com.