The Society of Chemical Manufacturers and Affiliates (SOCMA) applauds the U.S. House of Representatives for passing H.R. 880, the American Research and Competitiveness Act of 2015, introduced earlier this year by Representative Kevin Brady (R-TX).
The legislation would make permanent the Research and Development (R&D) tax credit, ending a decades-old cycle of short-term extensions. The House passed the bill by a vote of 274-145 on Wednesday. SOCMA’s vice president of government and public relations, William Allmond, issued the following statement:
“By nature, specialty chemical manufacturing is innovative, and many SOCMA members rely on the R&D tax credit to help them remain competitive in the global marketplace. To show just how important this is in our industry, during a recent meeting on Capitol Hill, one of our members told House staffers that 20 percent of their workforce is involved with R&D, and 8 to 10 percent of company sales are used for R&D. We commend the House leadership for moving forward on this legislation that will remove the uncertainty and keep our SOCMA members at the forefront of innovation, which is the lifeblood of specialty chemical manufacturing. We now encourage the Senate to follow suit and pass this legislation that creates high-quality jobs and supports economic growth in our nation."
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