ACC - American Chemistry Council
08/01/2024 | Press release | Distributed by Public on 08/01/2024 09:06
ACC Statement Anticipating Scheduled Procedural Vote on Business Tax Credit Provisions
WASHINGTON (August 1, 2024) - The American Chemistry Council (ACC) issued the following statement anticipating the scheduled procedural vote in the Senate on legislation that includes business tax credit provisions supported by ACC.
"ACC supports business tax provisions that would restore immediate expensing of domestic R&D expenses, end a strict limitation on interest deductibility, and return to full expensing for capital investments."
"Historically, businesses have been able to fully expense R&D costs in the year incurred. Requiring businesses to amortize these costs increases outlays, disrupts cash flow, deters job creation, and discourages domestic R&D activity.
"The phase-out of full expensing for the purchase of some machinery and equipment eliminates a vital mechanism for companies to invest in their businesses, stay competitive, and fuel the U.S. economy.
"Limitations on interest deductibility increase financing costs when companies are already struggling with higher interest rates."
American Chemistry Council
The American Chemistry Council's mission is to advocate for the people, policy, and products of chemistry that make the United States the global leader in innovation and manufacturing. To achieve this, we: Champion science-based policy solutions across all levels of government; Drive continuous performance improvement to protect employees and communities through Responsible Care®; Foster the development of sustainability practices throughout ACC member companies; and Communicate authentically with communities about challenges and solutions for a safer, healthier and more sustainable way of life. Our vision is a world made better by chemistry, where people live happier, healthier, and more prosperous lives, safely and sustainably-for generations to come.