ACC Welcomes the Chemical Tax Repeal Act
WASHINGTON (April 19, 2023) — The American Chemistry Council (ACC) released the following statement from President and CEO Chris Jahn regarding Senate introduction of the Chemical Tax Repeal Act by Senators Ted Cruz (R-Texas), John Kennedy (R-La.), Mike Lee (R-Utah), and John Barrasso (R-Wy.)
“We welcome the Chemical Tax Repeal Act and commend Senators Cruz, Kennedy, Lee, and Barrasso for their leadership on this critical issue for the U.S. economy. While the Bipartisan Infrastructure Law (BIL) is helping to modernize America’s infrastructure, it also imposed new Superfund excise taxes on 42 chemicals, critical minerals, and metallic elements. These materials are used in manufactured goods, including the very items needed for infrastructure development.
“As a result of these misguided new taxes, our nation’s global manufacturing competitiveness is further threatened by countries like China. This when Americans are already struggling with debilitating inflation and high prices. The taxes single out the chemical industry at a time when supply chain challenges and freight transportation disruptions continue to be a major problem for the U.S. business of chemistry and the broader economy.
“We urge the Senate to swiftly pass the Chemical Tax Repeal Act to reverse this harmful provision that will make it more difficult for American chemistry to be a driver of U.S. investment and job creation.”