Industry Urges Action On Tax, Trade Bills | Chemical & Engineering News
Volume 86 Issue 37 | p. 30 | Concentrates
Issue Date: September 15, 2008

Industry Urges Action On Tax, Trade Bills

Department: Government & Policy | Collection: Climate Change
News Channels: Environmental SCENE

As Congress returns from its August recess, the chemical industry is urging lawmakers to pass several pending free-trade agreements and to retroactively renew and extend the federal R&D tax credit, which expired at the end of last year. "In an uncertain economy it is irresponsible for Congress to put politics ahead of offering incentives to one of the largest contributors to America's economic engine, which is manufacturer exports," says Joseph G. Acker, president of the Synthetic Organic Chemical Manufacturers Association. Tax credits for R&D are "invaluable" to chemical manufacturers, he says, especially for small and mid-sized firms. Chemical manufacturers are calling on Congress to make the tax credit permanent, and they want the House to approve free-trade pacts that the Bush Administration has negotiated with Colombia, Panama, and South Korea.

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