WASHINGTON (January 31, 2024) — The American Chemistry Council (ACC) issues the following statement after the House passed a bill containing critically needed business tax provisions by a vote of 357-70. Did.
“I applaud members of the House of Representatives for overwhelmingly approving bipartisan legislation that restores important business tax provisions. We urge the Senate to act quickly to restore immediate research and development spending, eliminate strict limits on interest deductions, and restore full capital spending to full spending. .
“Historically, companies have been able to fully expense R&D costs in the year they are incurred. Requiring companies to amortize these costs increases expenses, disrupts cash flow, and inhibits job creation. Meanwhile, phasing out the full purchase cost of some machinery and equipment will help companies invest in their operations, remain competitive, and reduce domestic research and development activity. An important mechanism for stimulating the economy will be lost. Restrictions on interest deductions will increase financing costs when businesses are already suffering from rising interest rates.
“We applaud the House for passing these emergency tax policy priorities for American businesses. We encourage swift action by the Senate to ensure they become law. ”
