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.”