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  • Press Release

ACC Applauds Final Tax Reform Legislation

Jennifer Scott

WASHINGTON (December 18, 2017) – The American Chemistry Council (ACC) issued the following statement in anticipation of final House and Senate approval of the ‘Tax Cuts and Jobs Act’ (H.R. 1).

“We congratulate Congressional leaders for bringing tax reform legislation to the finish line. After decades enduring an outdated tax code that made U.S. businesses less competitive, our nation will soon have a modernized tax structure that promotes sustained American economic growth and new jobs. We commend lawmakers for their perseverance in seeking tax reform.

“The final legislation includes provisions long sought by ACC, including a significantly lower corporate rate effective in 2018, a transition to a competitive territorial system, retention of the R&D tax credit and ‘last in, first out’ (LIFO) accounting methods, and a bifurcated rate for repatriated earnings – one with a significantly lower rate for earnings reinvested in plants and equipment than for cash/cash equivalents. The reforms will significantly improve U.S. global competitiveness.

“Chemistry provides 811,000 skilled American jobs and accounts for 14 percent of the nation’s exports. Over a quarter of U.S. GDP is generated from industries that rely on chemistry, from agriculture and electronics to textiles, vehicles, and energy-efficient materials used in building and construction. Thanks to the development and availability of domestic shale gas – a key source of energy and feedstock for chemical manufacturing – our industry is expanding in the United States. Tax reform will help ensure that we fully realize the shale gas opportunity.

“Policymakers are close to realizing a once-in-a-generation opportunity to enact comprehensive tax reform. We look forward to House and Senate approval and the President’s signature. The reforms Congress achieves will help ensure a vibrant and competitive U.S. chemical industry and manufacturing sector for the long term.”

American Chemistry Council

The American Chemistry Council’s mission is to advocate for the people, policy, and products of chemistry that make the United States the global leader in innovation and manufacturing. To achieve this, we: Champion science-based policy solutions across all levels of government; Drive continuous performance improvement to protect employees and communities through Responsible Care®; Foster the development of sustainability practices throughout ACC member companies; and Communicate authentically with communities about challenges and solutions for a safer, healthier and more sustainable way of life. Our vision is a world made better by chemistry, where people live happier, healthier, and more prosperous lives, safely and sustainably—for generations to come.

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