SOCMA Hails Senate Passage of R&D Tax Extender
FOR IMMEDIATE RELEASE
March 11, 2010
Manager, Public Relations & Media
Washington, DC – The Society of Chemical Manufacturers and Affiliates (SOCMA) welcomed a vote in the US Senate late yesterday to extend, for one year, the research and development tax credit, a key SOCMA legislative priority.
“The uncertainty of our nation’s tax laws impairs SOCMA members’ ability to make effective business decisions,” said SOCMA President and CEO Lawrence D. Sloan. “While this bill only extends the tax breaks rather than make them permanent, it demonstrates the Senate’s commitment to a key constituency represented by our members and will assist with job growth in the manufacturing sector.”
SOCMA members have utilized the association’s grassroots program, SOCMA CONNECT, to urge lawmakers for years to pass the R&D tax extender.
“Not knowing whether the R&D credit will be extended makes it harder for companies of all sizes to manage their research budgets, and could even lead some companies to locate research projects in foreign countries with more attractive incentives,” Sloan continued. “Failing to extend these and other expiring provisions is an effective tax increase on the many individuals and businesses across the nation that are represented by SOCMA.”
SOCMA will continue working with the House of Representatives to ensure that similar action is taken.
SOCMA is the leading trade association, serving the batch, custom and specialty chemical industry since 1921. SOCMA’s nearly 300 members employ more than 100,000 workers across the country and produce 50,000 products valued at $60 billion annually. For more information please visit www.socma.com.
ChemStewards® is SOCMA’s flagship environmental, health, safety and security (EHS&S) continuous performance improvement program. ChemStewards was created from industry’s commitment to reducing our environmental footprint. Industry created ChemStewards to meet the unique needs of the batch, custom, and specialty chemical industry. As a mandatory requirement for SOCMA members engaged in the manufacturing or handling of chemicals, ChemStewards is helping participants reach for superior EHS&S performance. To learn more visit www.chemstewards.com.