Contact: Jennifer Scott (202) 249-6512
WASHINGTON, D.C. (March 9, 2011)
- The American Chemistry Council (ACC) today welcomed the introduction of the "American Research and Competitiveness Act of 2011 (H.R. 942)," which strengthens the federal
research and development tax credit
and makes it permanent. The bill was introduced by U.S. Reps. Kevin Brady (R-Texas), John Larson (D-Conn.), Erik Paulsen (R-Minn.) and Anna Eshoo (D-Calif.).
"Strengthening the federal R&D tax credit will encourage innovation that creates jobs," said
, President and CEO of the American Chemistry Council. "It will help America continue to lead in delivering inventive solutions while promoting a vibrant, competitive manufacturing sector. By making the credit permanent, we can reap economic and employment rewards for years to come. As one of the industries at the forefront of innovation, we strongly support this bill, and urge quick approval by Congress."
The chemistry industry creates innovations used for clean energy, improved infrastructure, efficient transportation options, medical advancements, and a strong defense. The chemistry sector employs nearly 800,000 Americans and is one of the largest private-sector investors in R&D, generating one in nine U.S. patents each year. Chemistry touches 96 percent of all U.S. manufactured goods and supports more than 4.3 million American jobs in downstream industries.
Learn more about