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ACC Welcomes House Legislation to Make Technical Corrections to Tax Cuts and Jobs Act

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Jennifer Scott
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Tax

WASHINGTON (November 29, 2018) – The American Chemistry Council (ACC) issued the following statement regarding legislation introduced by House Ways and Means Committee Chairman Kevin Brady (R-Texas) in the House Rules Committee that would, among other provisions, make certain technical corrections to the Tax Cuts and Jobs Act (TCJA, H.R. 1, Public Law 115-97).

“We welcome Chairman Brady’s initiative to resolve several of the technical issues within the new tax reform law. We’re pleased that Section 501(c) of the bill addresses our concerns about overpayments of tax under Section 965 of the TCJA, and we look forward to reviewing the retirement savings provisions. Section 134 of the bill retroactively extends for 2018 the excise tax credits relating to alternative fuels. In the future, we would urge support for broadening the energy tax credits to include fuels derived from non-recycled plastics via pyrolysis technology – if those credits are further extended or made permanent.

“We urge swift House passage and consideration by the Senate. We will continue to engage with lawmakers to clarify and correct provisions of the TCJA that could affect U.S. chemical manufacturing, investment and job creation.”

American Chemistry Council

The American Chemistry Council (ACC) represents the leading companies engaged in the multibillion-dollar business of chemistry. ACC members apply the science of chemistry to make innovative products, technologies and services that make people's lives better, healthier and safer. ACC is committed to improved environmental, health, safety and security performance through Responsible Care®; common sense advocacy addressing major public policy issues; and health and environmental research and product testing. ACC members and chemistry companies are among the largest investors in research and development, and are advancing products, processes and technologies to address climate change, enhance air and water quality, and progress toward a more sustainable, circular economy.

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