Chemical Manufacturing Group Asks Senate for Permanent R&D Credit
A specialty chemicals group publicly applauded the House last week for passing the American Research and Competitiveness Act, and are now calling on the Senate to take the same action.
The Society of Chemical Manufacturers and Affiliates (SOCMA) is one of many associations backing The American Research and Competitiveness Act which would make the Research and Development Tax Credit permanent and raise the credit rate.
SOCMA says about one-fifth of their members’ workforce is involved in R&D and one-tenth of the companies are dedicated to research.
“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,” said William Allmond, SOCMA’s senior lobbyist, according to Chem.Info.
The American Research and Competitiveness Act passed the House with a total vote of 274-145 which included 37 yes’ from Democrats. SOCMA and other supporters are worried that the bill won’t have the same outcome once it hits the Senate floor, or the President’s desk, if it even makes it there.
“If we’re going to get away from deficit spending, you’ve got to pay for things,” said Representative Xavier Becerra (D-CA). “Don’t act like you can do these things for free.”
Last year, two attempts to make the R&D credit permanent were shot down once they reached the Senate. SOCMA, along with many companies whose business relies on R&D are pleading for a different outcome this year.