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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.
As we have been advocating for years, ACC urges Congress to take action now to restore immediate R&D expensing, revert to pre-2022 Section 163(j) interest deduction limitation based on EBIDTA and extend the full expensing provision. Taking such ac...
Specifically, many companies are exporters of chemical and chemical derivatives to foreign customers that do not pay taxes in the United States. When these customers are entitled to refunds under the Superfund taxes, it is currently unclear how th...
In our testimony today, we urged the administration to consider several principles for implementation of Section 45V and other IRA/BIL programs.
Historically, businesses have been able to fully expense R&D costs in the year incurred. Requiring amortization of these costs increases outlays, disrupts cash flow, deters job creation, and discourages domestic R&D activity.
ACC appreciates the opportunity to submit comments in response to the Committee’s hearing on March 12, 2024, on growing U.S. manufacturing through the tax code. What follows are some of the key tax provisions that matter to ACC members given their...
ACC agrees with the consensus recommendation of the subcommittee: the United States should stay at the table for the Pillar One negotiations. Moreover, Congress should play a significant role in further crafting Pillar One, as it will be up to bot...
The chemical sector is one of the primary sources of hydrogen production today, and one of the most promising sectors for low-carbon hydrogen production in the future. The industry’s process expertise, infrastructure, sales, and distribution chann...
"Our comments highlight principles for effective implementation of Section 45V and other IRA/BIL programs. These include support for diverse sources and processes, including all forms of lower-emissions hydrogen production technologies; regulatory...
ACC members welcomed the enactment of the Advanced Manufacturing Production Tax Credit under Section 45X - the credit was viewed as transformative in the onshoring of manufacturing and was the topic of discussions at many companies as decisions we...